Latest News | Satin Creditcare Closes Rs 25 Crore Deal with Florintree Ventures

New Delhi, Dec 29 (PTI) Microlender Satin Creditcare Network (SCNL) has closed a Rs 25 crore deal with Florintree Ventures through the conversion of warrants into equity.

Satin Creditcare Network has received the second tranche of Rs 25 crore against the conversion of 41,02,564 fully convertible warrants from non-promoter group Florintree Ventures LLP, it said in a release on Thursday.

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The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 23 states, SCNL said in a release.

Florintree had committed Rs 100 crore in the form of 1,23,07,692 fully convertible warrants through preferential allotment in January 2022.

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At the time of issuance of the warrants, it had put Rs 25 crore.

After the second tranche, the total investment by Florintree stands at Rs 50 crore, with the balance amount to be paid by July 2023, SCNL said.

Growth-stage private equity firm Florintree Ventures LLP invests in technology-backed firms. It is led by former Blackstone India Head Mathew Cyriac.

HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, said: "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".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)