Gaya-based financial services firm Save Solutions Pvt. Ltd has raised $6 million (around Rs 38.5 crore) in a Series A round of funding from Belgium-based impact investor Incofin Investment Management.
Incofin made the investment through its agRIF Fund.
Save Solutions plans to use the funds to expand its two non-banking finance companies—Save Financial Services Pvt. Ltd and Save Microfinance Pvt. Ltd—and improve its technology and analytics capabilities, it said in a statement.
While Save Financial provides loans to small and medium enterprises, Save Microfinance offers micro-credit products.
“We are excited to have Incofin agRIF Fund on board and look forward to its perspectives and insights to accelerate SAVE’s initiatives for financial growth and social empowerment,” said Ajeet Kumar Singh, co-founder and managing director of Save Solutions.
Save Solutions was established as a society in 2009. It was incorporated as a company in 2013.
New Delhi-based Apical Capital Advisors acted as financial adviser to Save Solutions for the transaction.
Incofin has assets under management worth $850 million.
In May, Incofin along with ResponsAbility Investments AG invested $20 million (nearly Rs 130 crore) in farm logistics services provider Sohan Lal Commodity Management Pvt. Ltd.
Incofin has also made investments in microfinance lenders including Madura Micro Finance, Annapurna Microfinance, Fusion Microfinance and Grameen Koota Financial Services.