Satin Growth Alternatives Limited (SGAL), a wholly-owned subsidiary of Satin Creditcare Network Limited (SCNL), has received approval from the Securities and Exchange Board of India (SEBI) for its SGAL-Scheme 1 fund. The fund, which received SEBI registration on 13th April 2026, is targeting a first close backed by strong soft commitments. The INR 200 crore Category II Alternative Investment Fund (AIF) aims to invest in businesses focused on inclusion, sustainability, and impact, with investment sizes ranging from INR 4 crore to 10 crore.
SGAL-Scheme 1 will leverage SCNL’s extensive presence in over 550 districts to source high-potential businesses through grassroots-level vetting. The fund’s innovative use of quasi-equity/debt instruments is designed to balance downside protection with the potential for equity upside.
The fund is led by Shivika Sethi, a venture capital and consulting professional with around 14 years of experience. Sethi, who joined SGAL as a partner in October 2025, has previously managed two $100 million funds and led numerous investments. She is enthusiastic about deploying her expertise to create a differentiated fund proposition that delivers strong returns for limited partners while providing transformative capital solutions for portfolio businesses.
Dr. HP Singh, Chairman and Managing Director of Satin Creditcare Network Limited, expressed excitement about the fund’s potential. He highlighted the initiative’s focus on supporting disruptive and high-potential businesses, reflecting the company’s commitment to fostering inclusive and sustainable growth. Singh anticipates that the initiative will provide an opportunity for the team to take on larger leadership roles and contribute to building a unique investment platform.
Aditi Singh, Director of SGAL and Chief Strategy Officer of SCNL, described the fund as a differentiated approach within the Category II AIF space. She emphasised the fund’s strategy to empower women-led and women-focused businesses, aiming to enhance financial inclusion and unlock opportunities at the grassroots level. By bridging the gap between traditional debt and equity, the fund seeks to provide flexible, growth-oriented capital to often underserved enterprises, fostering entrepreneurship and advancing gender equity.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).