Satin Creditcare Network (SCNL) has received the second tranche of around Rs 25 crore, against conversion of 41,02,564 Fully Convertible Warrants from Florintree Ventures LLP (entity belonging to Non-Promoter Group). The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 23 states. Florintree had committed Rs 100 crore in the form of 1,23,07,692 Fully Convertible Warrants through preferential allotment in January 2022.
At the time of issuance of Fully Convertible Warrants, Florintree put Rs 25 crore. After the second tranche, the total investment by Florintree stands at around Rs 50 crore, with the balance amount to be paid by July 2023. Florintree Ventures LLP, is a growth-stage private equity firm that invests in technology-backed firms, is led by former Blackstone India Head Mathew Cyriac.
Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India.
