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Svatantra to acquire Navi Group’s microfinance subsidiary for $178.6m | Fintech InShorts: Latest fintech news, analysis by experts

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Svatantra to acquire Navi Group’s microfinance subsidiary for $178.6m

By Laura M

August 11, 2023

Indian microfinance company Svatantra Microfin is set to acquire Chaitanya, a subsidiary of Navi Group, for $178.6 million, becoming the second largest microfinance entity in India.

Facts

Svatantra Microfin to acquire Chaitanya for $178.6 million.
Expected completion by year-end, pending regulatory approvals.
Svatantra’s acquisition makes it the second-largest microfinance entity in India.
Combined assets under management to reach $1.5 billion, serving 3.6 million customers.
Chaitanya, acquired by Navi’s CEO Sachin Bansal in 2019, offers digital financial services in rural India.
Chaitanya experienced 77% YoY growth under Navi Group.
Acquisition aligns with Navi’s focus on digital-first businesses.
Svatantra’s acquisition expands financial services reach across diverse geographies.
Chaitanya previously unsuccessful in obtaining a banking license from the Reserve Bank of India.

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