Rural Financier SAVE Group Bags USD 13 Mn from Incofin and Maj Invest The Delhi-based platform aims to deploy the raised capital to expand its lending verticals through its subsidiaries, offering microfinance loans, secured MSME loans, and affordable housing loans.
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A rural financial services company, SAVE Group, announced that it has raised USD 13 million from impact investor Incofin India Progress Fund (IPF) and private equity investor Maj Invest Financial Inclusion Fund III.
The SAVE Group's parent firm, SAVE Solutions, received a USD 3 million investment from Maj Invest Financial Inclusion Fund III K/s in March 2024, while SaGgraha Management Services, a SAVE Group subsidiary that specialises in microloans to rural communities, received a USD 10 million investment from IPF.
It aims to deploy the raised capital to expand its lending verticals through its subsidiaries, offering microfinance loans, secured MSME loans, and affordable housing loans.
Ajeet Kumar Singh, Co-founder and Director of SAVE Solutions Private Limited, said, "We are delighted to partner with IncofinIPF and grateful for Maj Invest's continuous support. Beyond strengthening our ability to expand our loan book, this infusion emboldens our pursuit of delivering high-quality financial services to the rural underserved segment."
Founded in 2009, SAVE Group focuses on providing accessible and high-quality financial services to underserved rural communities. With 522 branches spread across 17 states, it claims to have an asset under management of about INR 1,962 crore as of March 2024, with a five-year target of INR 18,000 crore.
Meanwhile, SaGgraha reported "a BC AUM of INR 464 crore and a co-lending AUM of INR 546 crore" (managed for SAVE Microfinance) with 237 branches across 7 states. In the next five years, it anticipates having an AUM of INR 5,000 crore.
"We are excited about the opportunity to invest in SAVE Solutions and recognise their potential to revolutionise rural finance on a large scale. Together, we aim to amplify the impact of financial inclusion initiatives, empowering communities nationwide," said Siva Vadivelazhagan, Director at Maj Invest.
