SAVE Microfinance raises Rs 30 crore State Bank of India
With the latest funding, the microfinance institution has raised Rs 70 crore in total funding during the current financial year ending on March 31, 2027.
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The funding from State Bank of India has been raised under the Credit Guarantee Scheme for Microfinance Institutions, said SAVE Microfinance in a statement.
With the latest funding, the microfinance institution has raised Rs 70 crore in total funding during the current financial year ending on March 31, 2027.
As part of the Credit Guarantee Scheme for Microfinance Institutions, the company had also raised Rs 25 crore from Indian Overseas Bank in June.
The company has raised the remaining Rs 15 crore from other institutional funding facilities, including funding from Northern Arc Capital, it added.
The capital will help the company expand access to formal financial services across underserved and semi-urban and rural markets.
The company, which is part of Save Solutions Pvt Ltd, will continue to look for more funding.
"The Rs 55 crore received under CGSMFI-2.0 (Credit Guarantee Scheme for Microfinance Institutions is particularly significant as we continue to deepen our institutional partnerships and diversify our funding sources," said Ajeet Kumar Singh, managing director & co-founder, SAVE Solutions.