Temasek-backed rural fintech firm SarvaGram raises $35 mn

According to Business Insider, Mumbai-based SarvaGram Solutions raised $35 million in a Series C round headed by Elevar Equity. SarvaGram Solutions specialises in financing to rural communities.

TVS Capital Funds, Elevation Capital, and Temasek were among the additional investors in this round. In order to fulfil the expanding needs of rural India, SarvaGram is the country’s first household-focused, data-driven distribution platform. It offers a variety of financial and productivity-boosting services.

The latest fundraise values Sarvagram at $100 million. EY was one of the advisors to Sarvagram for the fundraising. With this freshly raised funds, SarvaGram plans to expand its distribution network by adding 75 more outlets by the end of FY’24.

The Rural Fintech startup also plans to expand its on-ground franchisees known as ‘SarvaMitra’ to three times the current strength across different states.

SarvaGram, founded in 2018 by Sameer Mishra and Utpal Isser, previously raised a $10 million Series B financing in February 2021.

SarvaGram offers a variety of customised financial and capacity-building products to an increasingly affluent rural and semi-urban India. According to its own estimations, the target market includes more than 80 million households. The startup presently has eight hubs, over 50 shops spread across four states, and over 250 franchise partners serving over 8,000 towns.

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