Mumbai-based Svatantra Microfin founded by Ms. Ananya Birla has received a credit line of USD 15 million (around Rs 122.7 crore) from Proparco the private sector financing subsidiary of Agence Française de Développement Group, a leading European Development Finance Institution (EDFIs). The credit line will be used by Svatantra Microfin to advance women empowerment in India, by financing women entrepreneurs in the country.
On this partnership, Ms. Ananya Birla commented, “It is an honour to associate with the French government and AFD Group, and for Svatantra to be recognized as a key driver for financial inclusion in India. This is the beginning of a long-term relationship to further the cause of gender equity and women empowerment.”
The signing ceremony was organised in the French Embassy in New Delhi in the presence of French Foreign Affairs Minister Ms. Catherine Colonna, Ambassador of France to India Mr. Emmanuel Lenin, AFD Executive Director Mr. Philippe Orliange and Proparco Regional Director Ms. Diane Jegam.
“We are thrilled to start our cooperation with Svatantra Microfin, an important Micro Finance Institution in India, which strives to support development of women-led microbusinesses. Its strategy of achieving responsible financial inclusion of financially excluded populations in rural areas of India with the help of technology, contributes to Sustainable Development Goals achievement and is fully aligned with Proparco’s strategy in the region. We look forward to witness Svatantra’s journey of creating significant impact in the India.” said Ms. Francoise Lombard, CEO of Proparco.
Svatantra Microfin is one of the youngest and fastest growing NBFC-MFI has impacted over 18 million lives, and adopted the 100% cashless disbursement method since inception. With a 7000+ employees Svatantra Microfin serves over 3 million rural customers across 19 states with a GLP of INR 7008 Cr. With a CRISIL A+ rating, Svatantra is the youngest and one of the highest rated organization in the sector and has also been consistently accorded “Great Place to Work’’.