Mumbai: SAVE Solutions, the rural financial inclusion services group has raised Rs 60 crore funding from existing investors, Incofin and Maj Invest. The amount will be used for scaling up its two fully-owned subsidiaries operating in the micro MSME and Grameen microfinance segment.
Talking about raising the funds, SAVE Solution spokesperson 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) said, “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 institutionalizing the financial inclusion landscape and the professional team behind.”
Maj Invest spokesperson Siva Vadivelazhagan (Nominee Director) said, “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 has successfully established its Banking Business Correspondent business which handled transaction value of approximately INR 41,037 Crores 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 INR 319 Crores.