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Creation Investments Announces Strategic Exit with Sale of Sonata Finance to Kotak Mahindra BankCHICAGO, April 24, 2024 /PRNewswire/ -- Creation Investments Capital Management, LLC (Creation Investments or Creation), a leading global impact investment manager in emerging markets, today announced its latest strategic exit with the sale of Sonata Finance Pvt. Ltd. (Sonata) to Kotak Mahindra Bank, headquartered in Mumbai. Focused exclusively on microfinance, Sonata provides women in North India with critical access to capital. Since Creation's initial investment, Sonata's client base has grown by ninefold and now serves over one million female entrepreneurs. In line with Creation's core investment thesis, the sale will provide Sonata's clients greater access to other financial products, including savings and insurance. In the last 12 months, Creation has exited seven of its investments, including private equity and private credit strategies. Sonata is Creation's fifth Microfinance non-banking finance company (NBFC) exit in India within the same period, following the initial public offering of Fusion and Muthoot and the successful repayment of loans from Sinduja and Spandana. Creation also fully exited Commercial Credit and Finance in Sri Lanka in late 2023 and TBC Bank in the first quarter of 2024. These seven companies collectively serve more than 11 million underbanked people with over $10 billion in loans outstanding. "We are pleased to see another one of our regulated Microfinance NBFCs reach an exciting point in its journey," said Patrick Fisher, founder and managing partner of Creation Investments. "We are thrilled to have found a mission-aligned, strategic buyer who will bring additional resources toward our goal of serving the unbanked in India." Sonata continues to make significant strides in increasing access to capital for those at the bottom of the economic pyramid, mirroring the success of Creation's other portfolio companies like Fusion Microfinance and Muthoot Microfin. With its approach and commitment to financial inclusion, Sonata has expanded its reach and impact, providing essential financial services to underserved communities. As a part o Creation's microfinance portfolio, Sonata's trajectory underscores Creation's dedication to supporting microfinance efforts that make a difference in people's lives and contribute to building resilient economies. From offices in Chicago, Dallas, Mexico City, and Bangalore, Creation Investments manages $2.2 billion in assets. Since its inception in 2007, Creation has invested in 31 portfolio companies across eight countries. It focuses on financial services and inclusion for unbanked and underbanked populations in emerging markets. About Sonata Finance About Creation Investments About Kotak Mahindra Bank Statements are made as of the date of this release, and there is no implication that the information contained herein is correct as of any time after such date. Media Contacts: View original content:https://www.prnewswire.com/news-releases/creation-investments-announces-strategic-exit-with-sale-of-sonata-finance-to-kotak-mahindra-bank-302126047.html SOURCE Creation Investments Capital Management, LLC |