Ananya Birla’s Svatantra Microfin Private Ltd (Svatantra) has entered into a definitive agreement to acquire Chaitanya India Fin Credit Private Ltd (Chaitanya), a wholly-owned subsidiary of Navi Group, for Rs 1,479 crore. The acquisition, expected to be completed by the end of 2023, is subject to regulatory approvals and customary closing adjustments. Following the acquisition, Svatantra will become the second-largest microfinance entity in India, reaching over 3.6 million active customers through 1,517 branches across 20 states, with a combined asset under management of Rs 12,409 crore as of March 31, 2023. The move aims to propel Svatantra into a leadership position in the microfinance sector. Both Svatantra and Chaitanya are new-generation NBFC-MFIs leveraging technology for growth and profitability, catering to rural India’s financial services needs.