DBS Bank India Limited today announced that it has acquired a 9.9% stake in Svakarma Finance, a non-banking finance company, for delivering relevant financial solutions to micro enterprises through a combination of direct lending and co-lending.
DBS Bank India’s strategy for its expanded franchise across 300+ locations and 500+ branches envisages significant growth in SME and consumer businesses. DBS will continue to identify opportunities to support lending to micro enterprises in a cost-efficient manner through its own expanded franchise as well as through partners.
About Svakarma Finance:
Svakarma is a non-deposit taking NBFC, set up by seasoned ex-bankers to target micro-enterprises using an industry segment and cluster focused delivery model leveraging smart technology and data. Currently present across Gujarat, Maharashtra, and Tamil Nadu, Svakarma is looking to expand its network across the country. Svakarma’s vision is to democratise access to capital and knowledge to empower entrepreneurs by giving them access to credit, while building a high impact and profitable lending platform for MSMEs.
DBS is a leading financial services group in Asiawith 18 markets. Recognised for its global leadership, DBS has been named ‘World’s Best Bank’ by Euromoney, ‘Global Banks of the Year’by The Banker and ‘Best Bank in the World’ by Global Finance.
Categories: Corporate M&A