The Eastern path~I
India's Act East policy was launched in 2014. As pointed out by Prime Minister Modi, it rests on four pillars: Culture, Commerce, Connectivity and Capacity.
Svatantra Microfin Private Limited is ready to take over Chaitanya India Fin Credit Private Limited, a subsidiary of Navi Group. The development has garnered attention, particularly shining the spotlight on Ananya Birla, the founder of Svatantra Microfin. Let us look at who she is.
Who is Ananya Birla?
Ananyashree Birla, the eldest child of Kumar Mangalam Birla, Chairman of Aditya Birla Group, and Neerja Birla, belongs to the sixth generation of the Birla family.
She established Svatantra Microfin, which extends microfinance services to women residing in rural areas of India.
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Ananya is also the driving force behind Ikai Asai and holds a co-founder role at Mpower. Her accomplishments have earned her recognition, including the 2016 ET Panache Trendsetters award for Young Business Person and a spot on GQ’s Most Influential Indians of 2018 list.
Her academic journey led her to study economics and management at the University of Oxford, though she opted to leave before obtaining her degree.
Besides her business ventures, Ananya Birla is famous as a singer and songwriter.
Since her debut single in 2016, she has amassed over 350 million combined streams and collaborated with renowned artists like Sean Kingston and Afrojack.
In 2020, Ananya launched the Ananya Birla Foundation, which initiated a COVID-19 relief project. This effort involved distributing menstruation kits, PPE kits, and protective gear to women and hospitals in Maharashtra.
The foundation also stepped in to provide essential supplies to migrant workers during the pandemic.
Upon the successful completion of the impending acquisition, Svatantra aims to become the second-largest microfinance company in India.
The company’s expanded reach will encompass more than 3.6 million active customers, served through a network of 1,517 branches spanning 20 states.
As of March 31, 2023, the combined Assets Under Management (AUM) will amount to Rs 12,409 crore, solidifying Svatantra’s position in the microfinance sector.
The deal is worth Rs 1,479 crore. The company has announced that this transaction will be final by the end of 2023.
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