DBS Bank India Limited 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, the statement said.
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, according to the statement.
