Florintree Ventures LLP releases second round of Rs 25 Cr to Satin Creditcare Network
One of India’s top microfinance companies, Satin Creditcare Network Limited, reported receiving the second tranche of Rs. 25 crores in exchange for the conversion of 41,02,564 fully convertible warrants from Florintree Ventures LLP (entity belonging to Non-Promoter Group).
The investment will help SCNL with its intended development, the expansion of its clientele, and its initiatives to broaden financial inclusion through its activities in 23 states. In January 2022, Florintree pledged Rs. 100 crores in the form of 1,23,07,692 fully convertible warrants through preferential allocation.
Florintree invested Rs. 25 Crores at the time Fully Convertible Warrants were issued. After the second installment, Florintree has invested a total of Rs 50 Crores, with the remaining sum due by July 2023.
Mathew Cyriac, a former head of Blackstone India, is the founder and CEO of Florintree Ventures LLP, a growth-stage private equity firm that invests in companies with a focus on technology.
The Chairman and Managing Director of Satin Creditcare Network Limited, Mr. HP Singh, commented on the investment by saying, “We are delighted that Florintree Ventures LLP continues to support us in realizing the true potential of our company. We are very humbled by the opportunity, as this investment sends a very positive signal and comfort to all stakeholders. With this growth capital, we are well poised to have a comfortable capital position. We are out of the pandemic woes and on a strong footing and treading the growth path”.
