Rural FinServ Solution Firm SAVE Solutions Acquires South India-based SaGgraha Management Service
The acquisition comes with a strong synergy of complementary Team skills, geography and doubling of AUM
SAVE Solutions Pvt. Ltd., India’s leading rural financial services group and SaGgraha, announce their synergetic collaboration. SAVE has acquired South India-based SaGgraha Management Services, which is a strategic move by the Company with an aim to strengthen its mission for deeper financial inclusion across India.
Bangalore based SaGgraha caters to the base of the pyramid population, with the mission to contribute to India’s goal for financial inclusion. It currently offers group microfinance loans and has immediate plans to further diversify into secured and unsecured MSME loans. SaGgraha is promoted by a team of three domain-expert professionals with experience in finance, operations, technology, and industry-wide networking.
Through this acquisition, SAVE, with its corporate office in Delhi, makes a ready and deep penetration into the diverse South Indian rural markets. The company, last year, had also acquired a Housing Finance Company, New Habitat Housing Finance and Development Limited, to offer its customers all-round financial products.
Ajeet Kumar Singh, Founder Director, MD & CEO of SAVE Solutions said, “The acquisition of SaGgraha is transformative in advancing SAVE’s strategic growth priorities in the South Indian financial market. SaGgraha is a renowned regional player, and this association will bring immediate synergies in the areas of governance, technology, operations, and diversification of portfolio. We sincerely thank all our stakeholders for their continued support, especially Incofin’s team for their leadership and Maj Invest’s team for their guidance on the transaction.”
Already a mid-sized organization with over 1700 on roll employees, SAVE is readily prepared to onboard over 1650 new employees who will be joining them from SaGgraha Management Services Pvt. Ltd, making the total employee strength of the organization over 3350.
SAVE is a trusted Business Correspondent partner for various PSU banks across India including State Bank of India, Bank of India, Bank of Baroda, Punjab National Bank along with Jharkhand Rajya Gramin Bank, Baroda UP Bank.
About SAVE Solutions Pvt. Ltd.
SAVE Solutions is India’s leading banking correspondent network and one stop solution for financial services company. The Group serves approximately 21 million rural Indians in over 8,600 villages across 559 districts in 28 states and 3 union territories. It has an estimated network of 12,000+ Customer Service Points (CSPs). It is a last mile banking service provider and has a footfall of 400,000 clients on a daily basis. The socio-economic development- focused organization, provides services to rural unbanked people and brings them under the umbrella of organized finance. Conceptualized in 2009 and incorporated in 2013, SAVE Solutions is a one stop solution for all financial needs under one roof. It has established a strong banking BC business in India with a trade volume of approx. Rs. 50,000 Crores. With its three privately held subsidiaries, NBFC- MSME, NBFC- MFI Business, and NBFC- HFC, SAVE Solutions provides financing services to the untouched and underserved communities. The company is heavily focused on technology, including a robust in-house IT architecture with Integrated MIS run through strong internal controls and processes.
Save solutions is backed by marquee private equity investors such as Maj and Incofin and it has raised over Rs. 219 crores from foreign Private Equity Investors so far. The company currently holds a networth of Rs. 310 Crore.
Read more: https://saveind.in/
SaGgraha Management Services Private Limited is one of the largest Financial Services Business Correspondent operational in 7 states/UTs with 156 branches; and was founded in 2014 by a team of dedicated banking professionals who were committed to empower the credit-deprived underserved rural population of India.
Positioned as an asset BC SaGgraha has been able to reach out to 5 lakh customer households in rural India delivering various asset and liability products such as Micro Loans, Small and Medium Enterprise Loans, Savings & Deposits, and Insurance along with third party products. Currently, SaGgraha manages a portfolio of approx. Rs. 600 Crores for various categories of financial institutions which includes 2 Small Finance Banks, 1 NBFC-MFI and 6 Private Sector Banks.
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