Chaitanya raises $7 mn (Rs. 47 cr) in Series C funding from ShoreCap II, few HNIs, existing individual investors and promoters

August 5, 2016 Posted by Press Releases


Bengaluru-based Chaitanya Rural Intermediation Development Services Pvt. Ltd. (“Chaitanya”), has raised Rs. 47 crore (USD 7 million) from ShoreCap II Limited, few HNIs, existing individual investors and the promoters in its Series C round of funding. Chaitanya, founded in the year 2009 by Anand Rao and Samit Shetty, provides full bouquet of financial products (micro finance, livestock financing, 2-wheeler financing, micro housing loan) to the low-income rural population. Chaitanya has a portfolio outstanding of Rs. 273 crore as on July 31st, 2016 spread across Karnataka and Maharashtra. The funds raised in this round will be used to increase its branch network and operations in the existing states as well as for expansion into the northern states of India. Unitus Capital was the exclusive financial advisor to Chaitanya for this transaction.

Commenting on the recent fund raise:

Samit Shetty, Co-Founder, Chaitanya said that “We are happy to partner with ShoreCap for the next stage of our growth. ShoreCap has a proven track record of supporting institutions like ours and we are looking forward to working together to achieve our common goal of providing different types financial services to those sections of society that need them the most.”

“We are pleased to have ShoreCap as an Investor and a partner as we step into a new phase in our journey. As the Financial Inclusion space innovates and evolves, we need Investors who partner us in the process of discovering the path to achieve shared goals. ShoreCap with its breadth of experience and approach to investing would make significant contributions to our institution.”

Davis Golding, Executive Vice President & CIO of Equator Capital said that “Chaitanya has demonstrated an impressive track record of providing financial services to the rural population in Karnataka and is ably managed by its two founders, Samit Shetty and Anand Rao. We are happy to invest in such a wonderful organisation in their next level of growth through provision of comprehensive financial services to the rural population in India.”

Abhijit Ray, Co-Founder & MD, Unitus Capital said that “India is presently going through a transformational phase in deeper financial inclusion and the sector is poised to grow many-fold in the years to come. The Chaitanya – ShoreCap partnership is validation of the potential of the sector and its ability to attract funding and deliver massive impact to the society through offering multiple products and services. We are privileged to work with Chaitanya and ShoreCap in this fund raise and look forward to seeing this partnership grow and achieve great results.”

About Chaitanya, it’s a Bengaluru based NBFC with a two-tier structure focusing on providing microfinance loan (through its wholly owned NBFC – MFI subsidiary) and non-microfinance loan products such as livestock financing, 2-wheeler financing, micro-housing loans and gold loans to rural populations across Karnataka and Maharashtra with borrower base of over 1,50,000 individuals. To know more about Chaitanya, please visit

About ShoreCap II, it is managed by Equator Capital Partners, LLC, a fund management company dedicated to improving lives by investing in private sector financial services enterprises in emerging markets. ShoreCap has earlier invested in Satin Creditcare in the year 2010. To know more about ShoreCap, please visit

About Unitus Capital, it is a boutique Investment banking firm focused on impactful businesses across Asia. Till date, Unitus Capital has raised over USD 1.4 billion of debt and equity for 72 impactful companies. To know more about Unitus Capital, please visit