Elevar Equity, Temasek, Elevation Capital, and TVS Capital Funds participated in a US $35 million series C round of funding for SarvaGram, an Indian rural FinTech company.
The startup’s most recent round of Series B funding, in 2021, brought in $10 million USD.
SarvaGram, a company founded in 2019 by banking industry veterans Utpal Isser and Sameer Mishra, claims to provide specialised financial and lending solutions to people in rural India, which includes more than 80 million families.
The business claimed that to better comprehend the possibilities and threats facing rural homes, their technological solution adopts a “360-degree approach”.
SarvaGram has 2.8 billion rupees ($33.2 million) in assets under management and is “approaching profitability,” according to a statement from Elevation Capital partner Mridul Arora.
With more than 50 shops and 250 franchise partners serving more than 8,000 villages throughout India, SarvaGram, with its corporate headquarters in Mumbai, operates out of eight hubs across the nation.
By 2024, SarvaGram plans to have 125 locations, which will be accomplished by adding more physical franchisees and enhancing its technological and data analytics capabilities.
