SarvaGram, a fintech startup has reportedly secured USD 35 million in a series C funding. The latest round is backed by a bunch of investors, including Elevation Capital, Elevar Equity, Temasek and TVS Capital Funds.
For those unaware, SarvaGram offers a variety of customized financial and capacity-building options for aspirational rural India. Besides, the firm has also managed to secure USD 10 million through Series B fundraising in February 2021.
By the conclusion of the fiscal year FY2024, SarvaGram hopes to increase the number of its distribution locations by 75 with the help of this investment round, bringing the total to 125.
Furthermore, it wants to triple the number of SarvaMitra franchisees which it already has across several Indian states. The money would also be used to consolidate SarvaGram's current technological foundation and hire new technical talent in order to support and improve business operations.
SarvaGram co-founder, MD, and CEO Utpal Isser said that the funds raised will boost their mission of putting more power in the hands of rural households by strengthening the data analytics layer, enhancing its technology platform, aside from growing the distribution and adding on-ground human capacity.
It is worth mentioning here that the company adopts a holistic perspective of rural households as coherent economic units and using data-driven intelligence to assess their whole potential, taking into account a thorough comprehension of their financial situation, numerous sources of income, and ground realities.
Besides its main office in Mumbai, the firm currently has eight hubs and more than fifty stores in four states. SarvaGram also states that it has over 250 franchise partners who span 8,000 villages.
The startup, which was established in 2019 by Isser and Sameer Mishra, two seasoned financial industry executives, now operates a data science-enabled platform that provides customers with gold loans, personal loans, agricultural loans, consumer durable loans, and business loans.