With the help of the Serica Angel Fund and UC Impower, NBFC Swara Fincare has secured Rs 19.4 crore ($2.3 million) in a Series A funding round.
According to a news release from Swara Fincare, the additional funds will be utilised to advance financial empowerment for micro and small business owners, broaden its network of distribution, create cutting-edge goods, and improve its technological platforms.
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Swara Fincare is committed to helping India’s budding enterprises and underbanked populace. In order to provide its clients with financial literacy programs, training, and mentorship, the company works in partnership with NGOs, government agencies, and other organisations.
With 45 locations in Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, and a head office in Gurugram, Swara Fincare serves more than 35,000 households. In order to assist its expansion, the company has also obtained debt support from over 30 reputable financial companies and banks in addition to three co-lending agreements.
Dev Verma, Mukund Madhav, and Sumit Ranjan founded Swara Fincare in 2022 with the goal of offering financial services to people and business owners in rural and semi-urban parts of India.
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