Temasek-backed rural fintech firm raises $35 million

SarvaGram, an India-based rural fintech firm, has raised US$35 million in a series C round with Elevar Equity, Temasek, Elevation Capital, and TVS Capital Funds participating.

SarvaGram founders Sameer Mishra (left) and Utpal Isser / Photo credit: Elevar Equity

The startup last bagged US$10 million in its series B fundraise in 2021.

Founded by banking veterans Utpal Isser and Sameer Mishra in 2019, SarvaGram offers customized financial and lending products to residents in rural India, which encompasses more than 80 million households, according to the firm.

The company said that its tech solution takes a “360-degree view” of rural households to better understand their potential and risks.

In a statement, Mridul Arora, a partner at Elevation Capital, said that SarvaGram has 2.8 billion rupees (US$33.2 million) in assets under management and is “approaching profitability.”

Headquartered in Mumbai, SarvaGram operates out of eight hubs in the country, with over 5o outlets and 250 franchise partners covering over 8,000 villages in India.

The fresh funding will be used to increase the number of SarvaGram’s outlets to 125 by 2024, grow its on-ground franchisees, and improve its tech and data analytics capabilities.

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Currency converted from Indian rupee to US dollar: US$1 = 82.9 rupees.