Billionaire entrepreneur and artist Ananya Birla-owned Svatantra Microfin has acquired Chaitanya India Fin Credit, a wholly-owned subsidiary of Flipkart co-founder Sachin Bansal-owned Navi Group. The acquisition deal has been agreed upon for an amount of Rs 1,479 crore.
It comes almost a year after the RBI rejected Bansal’s universal banking licence. Bansal had a bought microfinance company Svatantra Microfin.
“This acquisition marks a huge step for us to continue to provide financial services to Bharat. Congratulations to my entire team,” Ananya Birla, who is the daughter of Indian billionaire industrialist Kumar Mangalam Birla, said in a tweet after the deal.
This acquisition marks a huge step for us to continue to provide financial services to Bharat. Congratulations to my entire team ❤️???????? pic.twitter.com/vEx1C3KisO— Ananya Birla (@ananya_birla) August 8, 2023
The deal will help Birla’s firm to become the country’s second-largest microfinance company with combined assets under management (AUM) of Rs 12,409 crore and over 3.6 million active customers.
Ananya Birla said, “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.”
Ananya Birla is a college dropout who founded Svatantra Microfin Private Limited at the age of 17.
Before Sachin Bansal-led firm, Svatantra Microfin also bought Micro Housing Finance for Rs 300 crore.
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