Svatantra Holding Private Limited (SMPL) has acquired 100 percent stake in Micro Housing Finance Corporation (MHFC) for approximately 300 crores.
The acquisition enables Svatantra to expand her business and escalate the vision towards serving the financially underbanked segment by ensuring differential banking solutions.
“We are elated to bring MHFC into Svatantra family. MHFC offers Svatantra a huge synergy by providing our clients with an opportunity to buy homes. We have tied up with builders in semi-urban areas and tell them about the flats that builders can offer, while providing the loan. Similar to Svatantra Microfin, MHFC is based on the tenets of entrepreneurship, transparency and innovation. Under the GoI initiative of Housing for all by 2022 combined with our continued focus to serve the underserved, I am sure we will create a valuable platform for future,” said Ananya Birla, Founder and Chairperson of Svatantra Microfin Pvt. Ltd. and Co-Chairperson of ASSOCHAM Microfinance.
In six years of its operational existence, Svatantra Microfinance has emerged as a technologically driven microfinance entity, offering micro-credit at lowest rates in the country.
Its team comprises of around 1600 employees over 350,000 rural customers across 84 districts in 9 states with a loan book close to Rs 750 crores.
MHFC was founded it 2008 and since then it is helping the financially deprived families in owning their houses. It has more than 14,500 customers and a loan book of close to Rs 500 crores. It has around 200 employees.
“There is a complimentarily of vision, geographical presence and business strengths. The reach and infrastructure of microfinance coupled, credit assessment capabilities of affordable housing finance entity combined with an innovative IT platform will not only benefit our customer segment but also create significant value for all stakeholders,” said Vineet Chattree, Director Svatantra Microfin Pvt. Ltd and MFIN.