News

Date: 20 Sep 2017

Mumbai: 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.

The following Doorstep Banking Services are available:

Salient Features of the Scheme:

Eligibility:

Senior Citizens of more than 70 years of age and differently abled or infirm Persons (Having medically certified chronic illness or disability) including those who are visually impaired.
Fully KYC compliant account holders.
Valid Mobile Number should be registered with the account.
Single account holders and Joint Account Holders with Either or Survivor/ Former or Survivor.
Not available for:

• Accounts operated jointly.
• Minor Accounts
• Accounts of Non-Personal nature.
Customers having registered address within a radius of 5 KMs from the Home Branch.
Registration done at the Home Branch.
Requests for Doorstep Banking Services should be made only at the Home Branch till such time development at Contact Centre is completed.
Delivery of Term Deposit Advice Delivery of Term Deposit Advice.
The amount of cash withdrawal and cash deposit is restricted to Rs 20,000/-per transaction per day.
Service charges per visit for Non-financial transactions is Rs 60/+GST and Rs100+GST for financial transactions.
Withdrawal will be permitted using cheque / withdrawal form with Passbook.
The delivery would be completed on best effort basis but not later than T+1 working day (holidays excluded).
For details please contact your Home Branch.