Mumbai based SarvaGram Solutions, which focuses on lending to rural households raised $35 million in a Series C round led by Elevar Equity, reported Business Insider.
Other investors participated in this round include Elevation Capital, Temasek and TVS Capital Funds.
SarvaGram is India’s first household centric, data-science led distribution platform that provides a bouquet of financial and productivity-enhancing offerings to meet the growing aspirations of rural India.
The latest fundraise values Sarvagram at $100 million. EY was one of the advisors to Sarvagram for the fundraising.
With this freshly raised funds, SarvaGram plans to expand its distribution network by adding 75 more outlets by the end of FY'24.
The Rural Fintech startup also plans to expand its on-ground franchisees known as ‘SarvaMitra’ to three times the current strength across different states.
Founded in 2018, by Sameer Mishra and Utpal Isser, SarvaGram had earlier raised Series B round at $10 million in February 2021.
SarvaGram provides a range of customised financial and capacity-enhancing products to an increasingly aspirational rural and semi urban India. As per its own estimates, the target market is over 80 million households.
The startup currently operates out of eight hubs, over 50 outlets across four states and has over 250 franchise partners covering over 8,000 villages.
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