Satin Creditcare Network (SCNL) has completed the entire allocation of Rs. 100 crore against the convertible warrants from Florintree Ventures LLP (entity belonging to Non]Promoter Group).

The Company received the final tranche of Rs. 50 crore, against conversion of 82,05,128 Fully Convertible Warrants from Florintree Ventures LLP (entity belonging to Non]Promoter Group) on 21 July 2023.

The investment will help SCNL with its intended growth, the expansion of its clientele, and its initiatives to broaden financial inclusion through its operations in 24 states & UTs.

Florintree had committed Rs. 100 crore in the form of 1,23,07,692 Fully Convertible Warrants through preferential allotment in January 2022. At the time of issuance of Fully Convertible Warrants, Florintree put Rs. 25 crore and another tranche of Rs 25 crore in January 2023. After the third and final tranche, the total investment by Florintree stands at Rs. 100 crore.

Florintree Ventures LLP, a growth]stage private equity firm that invests in technology]backed firms, is led by former Blackstone India Head, Mathew Cyriac. With this tranche, SCNL completes its Preferential allotment of Rs 225 crore which was initiated in January 2022.