Chaitanya
Chaitanya has now grown into a Multi-Region financial institution focused primarily on the rural sector.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor | €0.0 | round | |
| investor | €0.0 Valuation: €0.0 | round | |
* | $179m Valuation: $179m | Acquisition | |
| Total Funding | 000k | ||
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Chaitanya India Fin Credit Private Limited operates as a non-banking financial company (NBFC) with a focus on microfinance, targeting the financial needs of low-income households in India. The company traces its origins to an NGO established in 2004, which initially focused on community development projects. In 2009, founders Anand Rao and Samit Shetty transitioned the organization into a registered NBFC to provide micro-credit services.
The company's primary business revolves around offering micro-credit to women in rural and semi-urban areas, functioning under the Grameen Bank's group lending model. This model involves providing collateral-free loans to joint liability groups, where members collectively guarantee repayment. The loan products are designed for income-generating activities such as agriculture, small businesses, and dairy farming, with the goal of empowering women entrepreneurs and fostering financial inclusion for communities underserved by the formal banking sector. Revenue is generated primarily through the interest income on its loan portfolio.
Chaitanya has experienced several significant milestones, including receiving its NBFC-MFI (Microfinance Institution) license from the Reserve Bank of India in 2013. A major turning point occurred in October 2019 when it was acquired by Navi Technologies, led by Flipkart co-founder Sachin Bansal. This was followed by another strategic acquisition in November 2023, when Svatantra Microfin Private Limited, led by Ananya Birla, acquired Chaitanya for ₹1,479 crore, making it a wholly-owned subsidiary. This transaction positioned the combined entity as the second-largest microfinance company in India, operating across 20 states with a substantial customer base. As of December 2023, Chaitanya's Assets Under Management (AUM) stood at ₹5,902 crore, serving its clients through a network of 814 branches.
Keywords: microfinance, rural lending, financial inclusion, NBFC-MFI, joint liability group, women empowerment, group lending, rural finance, micro-credit, financial services