[Funding alert] SAVE Solutions raises Rs 60 Cr from its existing investors Incofin and Maj Invest
The company will deploy these funds to scale up its secured MSME finance and microfinance businesses.
SAVE Solutions Pvt Ltd, a rural financial inclusion services group, has raised Rs 60 crore funding from existing investors, Incofin and Maj Invest in a follow-on round. The amount will be used for scaling up its two fully-owned subsidiaries operating in the micro MSME and Grameen microfinance segment.
Ajeet Kumar Singh, MD and CEO,said,
“We are a pioneer in providing financial products via kiosk banking across India. With this investment, we will further deepen our efforts in introducing innovative financial products across rural India. In the next five years, our goal is to serve five crore customers. Our plan to do so comprises of covering a variety of financial services through the Kiosk Banking Channel and making SAVE Solutions a one-stop-shop for all financial needs.”
Incofin spokesperson Aditya Bhandari (Nominee Director) added, “Our follow-on investment in Save is a strong validation of Save’s deep rural financial inclusion achievements. We are truly impressed by Save’s commitment in institutionalising the financial inclusion landscape and the professional team behind.”
Maj Invest spokesperson Siva Vadivelazhagan (Nominee Director) stated,
“We are impressed by SAVE’s excellent growth and execution over the past 18 months since our initial investment and we are excited to back the group again in their vision of delivering high-quality financial services across the largely underserved market and furthering last mile connectivity in a cost-efficient manner.”
Having embarked upon its journey in 2009, SAVE claims to have successfully established its banking correspondent business which handled transaction value of approximately Rs 41,037 crore in FY21. Leveraging its deeply penetrated network, SAVE has forayed into lending to unserved and underserved populations through its two wholly-owned subsidiaries engaged in secured MSME Finance and Microfinance businesses whose cumulative loan book has increased to Rs 319 crore.
The Bihar-based company has roots across PAN India in 488 districts, with over 12,000 kiosks and Customer Service Points (CSPs). It employs over 25,000 people across its CSPs and Kiosks.
Edited by Anju Narayanan