Satin Creditcare’s SGAL secures SEBI nod for Rs 200 crore women-focused AIF

Satin Growth Alternatives Ltd (SGAL), a subsidiary of microfinance major Satin Creditcare Network Ltd (SCNL), has received regulatory approval from the Securities and Exchange Board of India (SEBI) to launch a new fund focused on women-led businesses and sustainable development.

Its debut Rs 200 crore Alternative Investment Fund (AIF) is structured as a Category II fund, which typically invests in private equity, debt, or a combination and is not permitted to undertake leverage except for day-to-day operational requirements. The fund aims to back businesses focused on inclusion, sustainability, and impact, with an average ticket size of Rs 4 to 5 crore, up to Rs 10 crore, said the company in its stock exchange filing.

“As a first-generation entrepreneur and a strong advocate of innovation and women empowerment, I am particularly excited about the kind of disruptive and high-potential businesses that SGAL-Scheme 1 aims to support,” said Dr HP Singh, chairman of Satin Creditcare Network. “I look forward to seeing how they evolve, take ownership, and contribute to building a differentiated investment platform that delivers both strong financial returns and meaningful impact,” he adds.


Shivika Sethi, a veteran venture capital and consulting professional with about 14 years of experience, will lead the fund. Sethi joined SGAL as a partner in late 2025 and has previously managed two $100 million funds.

“This fund offers a differentiated approach,” said Aditi Singh, director of SGAL and chief strategy officer of SCNL. “Its strategy is to empower women-led and women-focused businesses, driving inclusion and last-mile opportunity.”

New Delhi-headquartered SCNL is a microfinance institution (MFI) with a presence in 26 states, 5 union territories and over 100,000 villages.