With the help of Serica Angel Fund and UC Impower, the tech-enabled non-banking financial company (NBFC) Swara Fincare successfully raised Rs 19.4 crore ($2.3 million) in a Series A funding round.
According to a news release from Swara Fincare, the additional funds will be utilized to advance financial inclusion for micro and small business owners, broaden its network of distribution, create cutting-edge products, and improve its technological platforms.
Dev Verma, Mukund Madhav, and Sumit Ranjan founded Swara Fincare in 2022 with the goal of offering financial services to people and business owners in rural and semi-urban areas of India. Customized financing options, life, health, and general insurance products, real-time tracking, and loan account EMI payments are among its services.
The underbanked and burgeoning entrepreneurs in India are the primary targets of Swara Fincare. The company works with NGOs, government agencies, and other organizations to provide its clients with training, mentorship, and financial literacy programs.
Over 35,000 households are served by the 45 branches of Gurugram-based Swara Fincare, which is present in Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand. In order to support its expansion, the company has also obtained debt support from three co-lending partnerships and more than thirty reputable banks and financial institutions.
AYEFin, Lendingkart, and Funding Societies are a few other prominent participants in the NBFC industry.
