Rural-focused lending and distribution platform 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.
This funding round brings the company’s total funding to Rs 950 crore ($113 million). The Pune-based startup closed its Series C round at $35 million in January last year.
SarvaGram stated in a press release that the new capital will be used to expand its credit product offerings to additional regions across India.
Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram facilitates access to productivity enhancement tools such as loans, farm mechanization services, and risk mitigants. It offers a variety of loans, including business, farm, personal, home, and gold loans.
The company claims to have served over 100,000 customers across five states through its 150 branches. It has amassed assets under management of approximately Rs 1,200 crore in loans, with over 70% of its portfolio secured by property as collateral.
The company provides loans through Sarvagram Fincare and collaborates with partner lenders including IDFC First, AU Small Finance Bank, Oxyzo, Ambit Finvest, Alteria Capital, Vivitri, Western Capital, and Northern Arc, among others.
Prior to this funding round, Elevar Equity held the largest stake in the company at 30.97%, while co-founders Isser and Mishra held 13.33% and 8.52%, respectively. Check TheKredible for more details.
In FY24, SarvaGram reported 2.3x jump in its revenue to Rs 169.8 crore from Rs 73.4 crore in FY23. During the period, the firm managed to reduce its net losses by 27% to Rs 19.74 crore.
One of SarvaGram’s competitors, Jai Kisan, raised $50 million as part of its Series B round in July 2022. Jai Kisan recently obtained an NBFC license through its majority strategic acquisition of Kushal Finnovation Capital Private Limited.
By Entrackr : Latest Posts
Source: Entrackr : Latest Posts