Incofin Investment Management (Belgium) via its agRIF Fund, has invested 6m USD in a Series A equity round in Save Solutions Private Limited (SAVE).
SAVE brings a gamut of banking savings products through its Business Correspondent (BC) network. It plans to utilise the recent funding to capitalise and expand its two NBFC subsidiaries, which offer individual SME loans and microfinance products. The investment will also help strengthen its technology and analytics capabilities.
SAVE intends to leverage upon Incofin’s strategic and operating support in its mission to provide affordable and qualitative financial services.
Established in 2009, SAVE is one of the largest banking BCs in India with over 17 million clients across 24 States in India. Through its focused rural presence, SAVE intends to continue to lever its network, experience and access to the underserved population to expand its BC and NBFC/NBFC-MFI businesses
across the country.
Aditya Bhandari, Co-Head Asia, Incofin said, “It is exciting to see SAVE evolving the traditional brick and mortar model to a more fin-tech enabled approach. This allows them to efficiently service areas which are outside the current radar of most players in the financial inclusion landscape. They are at the cusp of a disruptive yet powerful growth phase and we are glad to partner with the entrepreneurial team at SAVE.”
Speaking on the occasion, Ajeet Kumar Singh, Co-Founder and Managing Director, SAVE Solutions said, “SAVE has embarked on a journey of socio-economic empowerment by providing financial support and services to the financially disadvantaged strata of the society. We are excited to have Incofin agRIF Fund on board and look forward to their fresh perspectives and strategic insights towards accelerating SAVE’s initiatives for both financial growth and social empowerment.”