Svatantra Microfin has completed the acquisition of Navi Group s subsidiary, Chaitanya India Fin Credit, making it the second largest NBFC-MFI in India. The deal, valued at Rs 1,479 crore, was announced in August. The acquisition is positive for the microfinance sector and Svatantra, as it gives strategic outreach in South India.
If not for Sachin Bansal’s ambition to get a banking licence, there was a cultural and strategic misfit between what Chaitanya was and could be. He wants Navi to be an urban 100% digital banking firm. But without a banking licence, it is a long hard journey to become a large financial services player in India.