Mumbai-based lending start-up SarvaGram closed a $35 million Series C funding round from Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds, according to a Inc42 report.
SarvaGram aims to deploy fresh funds to expand its distribution network. The company is said to be focusing on strengthening its data analytics abilities and adding about 75 'SarvaMitra' outlets by the end of the financial year (FY) 2024.
SarvaMitra is SarvaGram’s last-mile partner who helps in fulfilling farm rental service.
With the recent financial development, both investors held a 50 per cent stake in the start-up.
The lending start-up offers credit to underserved people living in rural and semi-urban areas and majorly focusing on providing credit to small businesses, farmers, households and individuals.
Founded in 2018 by Utpal Isser and Sameer Mishra, it reportedly provides customers access to productivity enhancement tools, including loans, farm mechanization services, and risk mitigants, among others.
“First, the inflection point in rural markets as demonstrated by growing economic activity and aspirations seen across rural households and second, leveraging the entry point of financial services for a truly data-led broader distribution strategy. This round provides aligned growth capital to help the company execute to their scale ambitions after successfully demonstrating robust financial margins in the business model,” said, Jyotsna Krishnan, managing partner of Elevar Equity in a media statement.
Presently, SarvaGram is operating in eight hubs and managing over 50 outlets in four Indian states. It reportedly has 250+ franchise partners working in over 8,000 villages.