Rural lending startup SarvaGram raises $67 million funding led by Peak XV
14 Nov 2024, 11:18 PMWith the latest round, the Pune-based SarvaGram Solutions has raised Rs 950 crore ($113 million) in total funding till date.
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Rural lender SarvaGram has raised Rs 565 crore (approximately $67 million) in its Series D funding round led by Peak XV Partners.
The round also saw participation from existing shareholders, including Elevar Equity, Elevation Capital, Temasek, and TVS Capital.
With the latest round, the Pune-based SarvaGram Solutions has raised Rs 950 crore ($113 million) in total funding till date. Last year in January, the company raised $35 million in Series C round.
The new capital will be used to expand its credit product offerings to additional regions across India, the company said in its statement.
Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram facilitates access to financial and productivity-enhancement products such as loans, farm mechanization services and insurance, using technology to select the right products and disburse loans.
The company, through its loan offerings, aims at serving three key household segments – farm, salaried and small-business households. With 150 branches across five states, SarvaGram said it has about Rs 1,200 crore in assets under management (AUM), of which 70% of the loans are secured by property.
The company claims to have served over 100,000 customers across five states.
“The fundraise will boost our mission of putting more power in the hands of rural households by enhancing their access and ease them into a curated set of financial and productivity enhancing solutions,” Isser said.
"We wanted to invest in companies that cater to the rurarl markets with sustainable and relevant products, which SarvaGram offers, said Anuradha Ramachandran, managing partner at TVS Capital.
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