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[FUNDING NEWS] India-Based SAVE Group Secures $13 Million in Funding

SAVE Group, which provides financial services in rural areas through its subsidiaries, has raised $13 million in a new investment round from global asset management firms Incofin and Maj Invest.

SAVE Group, which provides financial services in rural areas through its subsidiaries, has raised $13 million in a new investment round from global asset management firms Incofin and Maj Invest.

According to the report, Maj made the investment through its Maj Invest Financial Inclusion Fund III K/s, while Incofin made the investment through its Incofin India Progress Fund.

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Maj had made a $3 million investment in SAVE Solutions, the SAVE Group’s parent firm, in March. SaGgraha Management Services is a wholly-owned subsidiary of SAVE that specialises in microfinance loans. Incofin has invested $10 million in it as part of the most recent tranche.

Ajeet Kumar Singh, Pankaj Kumar, and Ajay Kumar Sinha founded SAVE in 2009. The organisation provides business loans for a variety of income-generating ventures, including commerce and services, agriculture and related industries, micro, small, and medium-sized enterprises, and more.

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Global asset management firms Incofin and Maj Invest invested $13 million in rural financial services provider SAVE Group.

The study states that Maj Invest Financial Inclusion Fund III K/s and Incofin India Progress Fund made the investments.

Maj invested $3 million in SAVE Solutions, SAVE Group’s parent company, in March. SaGgraha Management Services, a completely owned SAVE subsidiary, provides microfinance loans. Its latest payment includes $10 million from Incofin.

In 2009, Ajeet, Pankaj, and Ajay Sinha created SAVE. The institution lends to trade and services, agricultural and related industries, micro, small, and medium-sized businesses, and more.

“Beyond strengthening our ability to expand our loan book, this infusion emboldens our pursuit of delivering high-quality financial services in the rural underserved segment,” said Ajeet Kumar Singh, co-founder and director of SAVE Solutions. “We will benefit immensely from Incofin’s and Maj Invest’s global experience and value creation and eagerly anticipate our collaboration with them,” said Singh.

About SAVE Group

SAVE Solutions is one of the largest financial Business Correspondents for the poor. Technology platforms help them to access the last-mile sector as a commercial bank financial services distributor.

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