New Delhi-based microfinance startup SATYA MicroCapital Limited has announced that it has raised Rs 72.5 crore led by Swiss impact investor, BlueOrchard Finance Limited, for the second time since its inception in 2017.
According to a release by the company, the funding will be received through InsuResilience Investment Fund (IIF) and Japan ASEAN Women Empowerment Fund (JAWEF), which is managed by BlueOrchard.
The company said the debt funding will instil a boost in scaling up its operational base while continuing to develop innovative credit offerings and complete end-to-end business processes for its valuable clients.
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SATYA MicroCapital, an NBFC-MFI, offers collateral-free credit to micro enterprises on the basis of a credit assessment platform and a centralised approval system. The company said it has adopted a unique Limited Liability Group (LLG) model for extending loans and ensuring repayment. The model distributes the liability among each group member, which exists only up to 10 installments in bi-weekly collections.
Till date, SATYA claims to have rendered its value-added credit services for generating means of livelihood to over 4.5 lakh clients across 15,000+ villages across the country.
Vivek Tiwari, MD and CEO, SATYA MicroCapital Limited, said,
"The funds will be used for effectively promoting animal husbandry bundled with livestock insurance and in helping a wider section of small aspiring women entrepreneurs to normalise their business. We are thankful to BlueOrchard Finance for showing trust and confidence in SATYA. This will definitely boost the microfinance activities in India.”
The company was also backed by an equity funding of Rs 105 crore in May 2020 led by Japan-based finance institution Gojo & Company Inc.
Earlier, in September 2019, SATYA MicroCapital raised Rs 50 crore in debt funding by issuing non-convertible debentures (NCDs) to Mauritius-based Aviator Global Investment Fund, in a joint venture with Northern Arc Capital, for three years.
It launched its micro-finance operations from its Bulandshahr branch in Uttar Pradesh. Since then, it has set up 65 branches across 11 states – Assam, Bihar, Chhattisgarh, Haryana, Odisha, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, and West Bengal.
(Edited by Megha Reddy)
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Original Source: yourstory.com
With the COVID-19 pandemic disrupting businesses globally, technology will play a "stronger role than ever before", enabling economic recovery, Microsoft India President Anant Maheshwari said.
Speaking at the Microsoft Envision Forum 2020, Maheshwari noted that the coronavirus pandemic has changed businesses, communities, industries, and the world, forever.
"No one company is going to solve a challenge like this alone, and it is going to take the private and public sectors working together to turn the tide on COVID-19. As we continue to work through the current situation and plan for the future, it's clear that the change required is significant – as is the potential opportunity across industries," he said.Also Read9,100 coronavirus-themed cyberattacks in India between Feb 2-May 2: Microsoft
He added that technology will play a key role in management of social sector programmes across education, health and public distribution, helping to strengthen the economy.
"Technology will play a stronger role than ever before – enabling economic recovery and helping each one of us achieve more," he emphasised.
The event, which was organised digitally on Friday, saw industry leaders across banking, financial services and insurance, manufacturing and retail sectors deliberate on the need for innovation and real-world digital transformation.
Aarthi Subramanian, Group Chief Digital Officer at Tata Sons, said COVID-19 will accelerate the scaling of digital across industries and investments in cloud, artificial intelligence and cybersecurity.
"Digital transformation in companies will focus on new end-to-end customer journeys and we will see an increase in adoption of automation in manufacturing industries. They will also invest in enhancing employee engagement given the remote working model," she added.
In another development, reported by a Microsoft executive, it was found that cybercrooks are using COVID-19 to make ransomware and phishing attacks on people.
"Between February 2 and May 2, we saw 9,100 total file encounters related to COVID-19 or coronavirus. It means our detection tools actually saw malware, URL, an attachment, or a phishing email using COVID-19 as a lure to get somebody to download malware to the system or potentially to give up their credentials via a phishing attack," Microsoft Corp Corporate Vice President (Cybersecurity Solutions Group) Ann Johnson told reporters on a conference call.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Kanishk Singh)
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Original Source: yourstory.com