Non-banking financial company Purple Finance has announced plans to acquire Saksham Gram Credit Private Ltd, marking a significant step in its strategy to expand into rural lending markets.
The company's board has granted in-principle approval for the acquisition, which will see Saksham Gram Credit become a wholly-owned subsidiary of Purple Finance.
The transaction is subject to standard due diligence processes and necessary regulatory approvals.
To support this strategic expansion, Purple Finance has secured fund-raising commitments totaling ₹108 crore in equity.
This capital injection is intended to facilitate the acquisition and fund subsequent growth initiatives within the rural credit segment.
The move aligns with broader trends in the Indian financial sector, where non-banking financial companies are increasingly targeting underserved rural demographics to drive loan book growth.