SAVE Group, which offers financial services in rural areas, has raised $13 million from international asset management firms Incofin and Maj Invest. Separately, Mumbai-based creative talent management firm Collective Artists Network has raised an undisclosed amount from Zerodha co-founder Nikhil Kamath.
Incofin, Maj Invest inject $13m in SAVE Group
SAVE Group, which offers financial services in rural areas through its subsidiaries, has raised $13 million in a fresh funding round from international asset management firms Incofin and Maj Invest, according to a VCCircle report on Wednesday.
Incofin made the investment through Incofin India Progress Fund while Maj invested through its Maj Invest Financial Inclusion Fund III K/s, the report said.
In March, Maj had invested around $3 million in SAVE Solutions, the holding company of SAVE Group. In the latest tranche, Incofin has invested $10 million in SaGgraha Management Services, a wholly-owned subsidiary of SAVE specialising in microfinance loans.
Founded in 2009 by Ajeet Kumar Singh, Pankaj Kumar, and Ajay Kumar Sinha, SAVE offers business loans for income-generating activities for micro, small and medium businesses, trade and services, agricultural and allied activities and more.
Nikhil Kamath invests in Collective Artists Network
Mumbai-based creative talent management firm Collective Artists Network has raised an undisclosed amount in funding from Zerodha co-founder Nikhil Kamath.
The investment, which involved a secondary transaction, facilitated an exit with a return of over 5X for InMobi’s Glance, which previously invested in Collective in 2021.
Founded in 2009 by Vijay Subramaniam, Collective Artists Network offers integrated solutions encompassing talent management, creator tech, production, creative strategy, influencer marketing, youth marketing, sports sponsorship and consulting, and media distribution.
This investment follows a recent collaboration between Nikhil Kamath-backed Gruhas and Collective Artists Network earlier this year. Together, they unveiled the Gruhas Collective Consumer Fund (GCCF), aimed at nurturing consumer-focused enterprises and attracting external investments.
