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.
- 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.