Decoding SarvaGram’s Series D round, valuation and captable

Rural-focused credit startup SarvaGram announced its Rs 565 crore (approximately $67 million) Series D funding round led by Peak XV Partners, along with the participation of existing investors Elevation Capital, Elevar Equity, Temasek, and TVS Capital.

Apart from the names of the investors, the company did not disclose the details. Entrackr has gone through its regulatory filing to decode the details such as round breakup, shareholding, and current valuation.

In November last year, SarvaGram’s board approved the allotment of 21,857 Series D CCPS and 20 equity shares at a price of Rs 2,51,431.22 each to raise Rs 550 crore (approximately $65.2 million). With the prior Rs 15 crore allotment, the total funding round stood at Rs 565 crore ($67 million), as per filings with the Registrar of Companies (RoC)

Peak XV Partners spearheaded the round with an investment of Rs 340 crore ($40.3 million), followed by existing backers Elevation Capital and Elevar Equity, who contributed Rs 80.76 crore ($9.58 million) and Rs 68 crore ($8 million), respectively. Temasek and TVS Capital participated with Rs 45.48 crore ($5.4 million) and Rs 30.78 crore ($3.6 million).

According to Entrackr’s estimates, SarvaGram’s valuation soared 2X to Rs 1,785 crore ($212 million), which stood at Rs 790 crore ($94 million) during its previous $35 million Series C round.

Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram offers a range of credit products to rural households, including business, farm, personal, home, and gold loans. The company also provides insurance and farm mechanization services through its SarvaMitra network, giving rural users affordable access to high-quality equipment such as cultivators, rotavators, and harvesters. According to the company’s website, it has served over 1.5 lakh households and more than 170 shops, along with 630+ SarvaMitra franchises spread across over 38,000 villages.

According to startup data platform TheKredible, SarvaGram has raised over $116 million across multiple funding rounds. Following the latest injection, Elevar Equity is the largest external stakeholder with 23.78%, followed by Peak XV Partners and Elevation Capital, which command 19.05% and 18.40% respectively. Co-founders Utpal Isser and Sameer Mishra retain 11.00% and 7.05% stakes in the company.

The Pune-based fintech company reported 2.3X year-on-year growth in its operating revenue to Rs 170 crore during the fiscal year ended March 2024, while it managed to narrow its losses by 30% to Rs 19.75 crore during the same period.

SarvaGram competes with Jai Kisan, which last raised $50 million in a Series B round in July 2022. Another rival, agri-fintech startup Arya.ag, secured $30 million in debt funding in January.