Rural Fintech Firm Lands $35M
SarvaGram, a rural Fintech firm based in India, has raised $35 million in its Series C funding round. Elevar Equity, TVS Capital Funds Elevation Capital, and Temasek participated in the round. SarvaGram, founded in 2019, provides customized financial products to individuals living in rural India, which currently includes more than eighty million families, as per SarvaGram.
According to the company, its technological solution takes a “360-degree view” of rural families to fully understand their possibilities and risks. Elevation Capital partner Mridul Arora stated that SarvaGram has nearly 2.8 billion worth in assets managed and is ‘nearing profitability’. As per latest news, it operates from eight hubs across the nation, with over fifty outlets and two hundred and fifty franchise partners encompassing over eight thousand villages. The newly increased capital will be utilized to expand SarvaGram’s retail outlets to 125 within 2024, broadens on-the-ground franchisees, and enhance its technology.
Money View, another fintech company in India has raised $75 million in Series E funding, valuing it at $900 million. According to Deal Street Asia, Apis Partners, a UK asset manager, led the round. Sanjay Aggarwal and Puneet Agarwal founded Money View in 2014. The firm offers a web-based credit platform and a full range of customized credit products. Among its features are personal loans, credit cards, BNPL, and personal finance management solutions. The company has formed alliances with over fifteen financial institutions to provide financial and credit derivatives on its website.
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