Rural focused lending and distribution platform SarvaGram has closed its Series C round at $35 million. Elevar Equity led the round which also witnessed participation of Elevation Capital, Temasek and TVS Capital.
SarvaGram will use funds to expand its distribution network, strengthen technology and data analytics infrastructure, the company said in a press statement. The company aims to enhance customer experience and offerings and grow the customer funnel.
SarvaGram had raised a $10 million worth Series B round led by Elevation Capital and Elevar Equity in February 2021.
Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram facilitates access to productivity enhancement tools such as loans, farm mechanisation services and risk mitigants. It offers business, farm, personal, home and gold loans and had Rs 171 crore as assets under its management in the fiscal year ending March 2022.
The Mumbai based firm claims to operate 8 hubs, 50 plus outlets across 4 states including Gujarat, Maharashtra, Rajasthan and Karnataka. It has over 250 franchise partners covering over 8000 villages. According to a CRISIL report, the company had borne a loss of Rs 20.3 crore in FY22.