Maharashtra-based SarvaGram Fincare Pvt. Ltd has raised $40 million in series C funding from Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds. The company will use the fresh funds to expand its distribution network, hire tech talent, and strengthen its existing tech stack.
“The fundraise will boost our mission of putting more power in the hands of rural households by enhancing our technology platform, strengthening the data analytics layer apart from growing our distribution and adding on-ground human capacity,” said, Utpal Isser, cofounder, MD, and CEO of SarvaGram.
SarvaGram was funded by Utpal Isser and Sameer Mishra back in 2018. The company offers credit to underserved people living in rural and semi-urban areas. The main customers of SarvaGram include small businesses, farmers, households, and individuals. SarvaGram currently offers five products including business, farm, personal, home and gold loans.
SarvaGram is currently operating in eight hubs and manages over 50 outlets located in four Indian states. It raised $10.5 million in a series B round led by Elevation Capital in February 2021. SarvaGram reported a loss of Rs. 20.3 crores in fiscal 2022. This was up from a loss of Rs. 4.9 crores for fiscal 2021.
The company competes with other leading tech startups such as Jai Kisan, Arya.ag, and Whrrl.
