Mumbai: SarvaGram Fincare Pvt Ltd on Monday said it has raised $10.5 million (Rs 76.32 crore) as part of its Series B funding round.
The round was led by Elevation Capital (formerly SAIF Partners), said SarvaGram in a statement. Existing investor Elevar Capital also participated in this round.
The company will use the fresh capital to expand, introduce new offerings, and upgrade its technology platform.
SarvaGram, which was launched in November 2018 by Utpal Isser and Sameer Mishra, says it has developed and deployed proprietary tools, including scorecards, for various customer segments to automate lending decisions. The company has worked with rural households to promote digital payments during the pandemic.
Isser, an alumnus of the Institute of Rural Management Anand, worked for ICICI Bank’s rural banking division for nearly two decades. Mishra, who is an MBA from Kanpur University, has worked with Fullerton India. He also headed the rural business for Adani Capital.