Save Solutions Pvt Ltd, a rural-focused financial services group, has acquired New Habitat Housing Finance and Development Ltd (NHHFDL), the company said in a statement on Friday.
The company, launched in 2010 by Ajeet Kumar Singh, Pankaj Kumar and Ajay Kumar Sinha, believes the acquisition will further strengthen its financial inclusion portfolio. The founders worked for more than 15 years in the financial services and banking sectors of the country.
“The acquisition closes the loop of our business. Save Solutions excels in offering all banking and financial products under one roof to rural and semi-urban populations. With the acquisition of housing finance company New Habitat, we are on our way to becoming a broad spectrum financial inclusion group. This will go a long way in expanding our offering to underserved customers, ”said Ajeet Kumar Singh, Founder, Managing Director and CEO of Save Solutions.
The company operates across India in 488 districts, with more than 12,000 kiosks and customer service points (CSPs), managed by more than 25,000 people, the statement said.
Earlier this week, Save Solutions raised funding of Rs 60 crore from existing investors, Incofin and Maj Invest, to develop its two wholly owned subsidiaries operating in the micro, small and medium enterprise (MSME) segment and Grameen microfinance.
Save established its correspondent banking business and executed transactions valued at around Rs 41,037 crore in FY 21. It also entered the space of lending to the unserved and underserved population through its two wholly owned subsidiaries that are engaged in the MSME and microfinance business segment, with a cumulative loan portfolio of Rs 319 crore, the statement said.
The group is backed by impact investors, Incofin and MAJ invest.
Incofin Investment Management, based in Belgium, is an independent global manager of impact investment funds focused on financial inclusion, the agri-food value chain and drinking water. It is an alternative investment fund management company, with over one billion euros (approximately $ 1.12 billion) in assets under management (AUM). Incofin has invested (through equity and debt financing) more than 2.7 billion euros (approximately $ 3 billion) in more than 320 issuers, financial institutions and SMEs in the agrifood value chain in 65 countries Asia, Africa, Latin America and the Caribbean and Eastern Europe.
In July 2021, he announced the closing of his very first India-focused equity fund.
Danish company Maj Invest manages around $ 18 billion in assets and also provides private equity (PE) services. The Financial Inclusion business segment is one of the many business areas of Maj Invest and operates through the regulated institutional platform of Maj Invest. Maj Invest’s financial inclusion funds are industry-focused closed-end private equity funds, investing growth capital directly into financial institutions in Asia, Latin America and Africa. She recently launched her third fund.