Elevar Equity led the $35 million Series C funding round for SarvaGram, a platform for financing and distribution that targets rural households. The fundraising round also included TVS Capital Funds, Elevation Capital, and Temasek.
In order to support and improve commercial operations, the money would also be used to improve the technology layer, both through the hire of IT expertise and the solidification of SarvaGram’s current tech stack, as per reported by Yourstory.
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“Sameer and I are extremely privileged and excited to on-board our new investors Temasek and TVS Capital Funds to SarvaGram, and are very thankful to Elevar Equity and Elevation Capital for their continued belief in us, our platform, and in the strength of India’s growing rural economy,” said Utpal Isser, Co-founder, MD, and CEO, SarvaGram.
SarvaGram was established by seasoned rural bankers Utpal Isser and Sameer Mishra with the intention of facilitating the improvement of the standard of living for aspirational households located in rural and semi-urban areas of India.
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“Having partnered with several founders from scratch to help build scale in delivering essential services, we are most excited about the fact that SarvaGram is at the cusp of two critical trends. First, the inflection point in rural markets as demonstrated by growing economic activity and aspirations seen across rural households, and second, leveraging the entry point of financial services for a truly data led broader distribution strategy,” said Jyotsna Krishnan, Managing Partner, Elevar Equity.
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“We are delighted to double down on our partnership with Utpal, Sameer, and the SarvaGram team as they pioneer a household-focused approach to rural lending and distribution. Their lending offering is unique and creates the foundation to offer a range of solutions—unlike the urban salaried individual with a payslip, assessing income for a rural borrower is tricky—given multiple income streams, variability in agricultural earnings, and limited paper trails,” said Mridul Arora, Partner, Elevation Capital.
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About SarvaGram
In order to serve its target clients through its physical presence, SarvaGram constructed its own proprietary tools. With its main office in Mumbai, SarvaGram currently runs eight hubs with the help of more than 250 franchise partners, who reach 8,000 odd villages.
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