India: Save Solutions raises $6m from impact investor Incofin

Gaya-based rural financial services provider Save Solutions Pvt. Ltd (SAVE) on Tuesday said it has raised $6 million in a series A round of funding from international impact investor Incofin Investment Management.

Incofin, which has almost $850 million of assets under management, has invested in SAVE through its latest fund, AGRIF, which focuses on agricultural and financial services businesses.

AGRIF is a $175-million fund that invests across the globe. Incofin promotes financial inclusion, particularly in rural areas and the agricultural sector.

Incorporated in 2009, Save Solutions has established a large banking business correspondent network in India with more than 17 million clients across 24 states.

It offers a gamut of banking products through its business correspondent networks.

The company also has a lending business focusing on small and medium enterprises and microfinance institutions.

SAVE plans to utilize the funds to capitalize and expand its two subsidiaries, operating as non-banking finance companies, which offer loans to small and medium enterprises and microfinance products.

The investment will also help the company strengthen its technology and analytics capabilities, it said in a statement.

New Delhi-based Apical Capital Advisors acted as the sole financial advisor to SAVE.

The company has evolved its business model from brick and mortar to a more fintech-enabled one, according to Aditya Bhandari, co-head for Asia at Incofin.

“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,” Bhandari said.

Incofin’s current investments in India include agri-to-finance integrated group Sohan Lal Commodity Management, and microfinance companies Fusion Microfinance and Annapurna Microfinance.

This article was first published on Livemint.com

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.