Ananya Birla-founded Svatantra Microfin to acquire Sachin Bansal’s Chaitanya India Fin for Rs 1,479 cr

economictimes.indiatimes.com:

Svatantra Microfin Private Limited will be acquiring Sachin Bansal's Navi Group's subsidiary Chaitanya India Fin Credit Private Limited for Rs 1,479 crore. The deal is expected to be completed by the end of 2023, the company said in a statement on Tuesday.

The acquisition, once completed, will make Svatantra the second-largest microfinance company in India with a reach of more than 3.6 million active customers through 1,517 branches across 20 states and a combined AUM of Rs 12,409 crore as on March 31, 2023, the company said. «The proposed acquisition will propel Svatantra to a significant leadership position.

The combined entity will command a substantial reach, enabling the delivery of a diverse array of financial services to our clients across a geographically diverse portfolio,» said Ananya Birla, Founder and Chairperson of Svatantra. «This transaction is in line with our strategic plan to focus on our digital-first businesses, as we continue our digital-first financial services through the Navi Group,» said Bansal.JM Financial Limited acted as the financial advisor to Navi for this transaction.