Save Solution receives $13 million private equity funding
economictimes.indiatimes.comIncofin Investment Management has invested $10 million SaGgraha Management Services, a business correspondent wholly owned by SAVE Solutions, which itself provides the last mile banking services in the rural hinterlands through its some 10000 touchpoints.
The equity funding came from Incofin India Progress Fund (IPF) of the Belgium-headquartered impact investor. IPF is a registered category II alternative investment fund. The investment in SAVE is its fourth investment in the financial inclusion space.
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Offering CollegeCourseWebsiteIIM LucknowChief Operations Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Leadership in AIVisitSaGgraha Management Services specialises in disbursement of microfinance loans.
Earlier in March, Denmark's Maj Invest, through one of its financial inclusion funds, invested $3 million in SAVE Solutions, the holding company of SAVE Group.
Both Incofin and Maj are existing investors in the group, which has its origin in Gaya. Established in 2009, SAVE is one of the leading business correspondents in the country, serving over 25 million customers.
SAVE now plans to expand its lending verticals through the wholly owned subsidiary
“We are delighted to partner with Incofin IPF and grateful for Maj Invest’s continuous support," said Ajeet Kumar Singh, co-founder and director of SAVE Solutions.
The investment would help the group expand its loan portfolio. SAVE Group reported
