The pre-Series A funding round for Mumbai-based fintech platform Saswat Finance, headed by Ankur Capital, has raised $2.6 million. An existing investor, Incubate Fund Asia, also doubled its investment in this round.
Investors such as Seedstars VC, Sparrow VC, and Incubate Fund Asia have previously contributed seed money to the startup.
With the money raised, Saswat will be able to scale its operations throughout Maharashtra, Karnataka, and Uttar Pradesh, introduce new financial products, and improve its technological capabilities. Along with expanding its product line, the funding will be utilized to improve its data and analytics infrastructure.
Saswat Finance, which was founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, uses alternative data, like milk production and geographic trends, along with proprietary technology to efficiently provide credit, insurance, and advisory services to underserved segments.
“India’s rural segments — over 65% of the population — are underserved by traditional financial services. At Saswat, we blend technology and trust to bring financial services directly to their doorstep. This funding will help us deepen our reach and scale operations,” said Arun Tiwari, CEO of Saswat Finance.
According to Saswat, the company has onboarded more than 6,000 clients and disbursed more than Rs 55 crore in asset-backed loans.
