Save Solutions acquires Bengaluru-based MFI SaGgraha

New Delhi, Aug 9 (PTI) Financial services firm Save Solutions on Tuesday said it has acquired South India-based microfinance firm SaGgraha for an undisclosed amount.

The acquisition would help strengthen its presence in the southern region.

Bengaluru-based SaGgraha, with presence in seven states through 156 branches, caters to the base of the pyramid population and offers group microfinance loans, the company said in a statement.

Save Solutions is prepared to absorb over 1,650 new employees who will be joining the company from SaGgraha Management Services, making the total employee strength of the organisation over 3,350, the company's managing director A K Singh said.

Last year, Save Solutions had acquired a housing finance firm New Habitat Housing Finance and Development Limited to offer its customers all-round financial products. PTI DP MR MR