Indian-based fintech startup SarvaGram Solutions has completed a Series C funding round, raising $35 million from investors including Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds.
SarvaGram was founded by banking industry veterans Isser and Sameer Mishra in 2019 and is headquartered in Mumbai.
The company takes a 360-degree view of rural households as cohesive economic units and applies data-driven intelligence to assess their overall potential, including an in-depth understanding of their ground reality, balance sheets, and multiple income streams.
The company, which offers gold loans, consumer durable loans, farm loans, and business loans through a data science-enabled platform, last raised $10m in its Series B round in February 2021.
SarvaGram currently conducts business out of eight hubs and over 50 outlets in four states, and has more than 250 franchise partners covering more than 8,000 villages. It currently targets over 80 million households in rural India and has assets under management worth INR275 crore ($33.2m).
The fresh capital will be used to add 75 outlets (to 125) in FY24 and expand its on-ground franchisees, SarvaMitra, threefold across various states. SarvaGram also plans to launch durables commerce loans, equipment commerce, insurance, and other investment solutions.