SarvaGram Bags INR 565 Cr To Expand Its Lending Play

Just over two months after it was reported that Mumbai-based SarvaGram is in discussions to raise a fresh funding, the lendingtech startup has now reportedly secured INR 565 Cr (around $67 Mn) as a part of its Series D fundraise led by Peak XV Partners.

The round also saw participation from its existing shareholders, including Temasek, Elevar Equity, TVS Capital and Elevation Capital, as per Moneycontrol’s report.

Inc42 has reached out to SarvaGram for comments on the development. The story will be updated based on the response.

“The fundraise will boost our mission of putting more power in the hands of rural households by enhancing their access and ease them into a curated set of financial and productivity enhancing solutions,” SarvaGram’s cofounder and CEO Utpal Isser was quoted as saying in the report.

Founded in 2018 by Isser and Sameer Mishra, SarvaGram is a financial company offering credit to underserved people living in rural and semi-urban areas. It primarily provides credit to small businesses, farmers, households and individuals.

The company has been aggressively expanding their offline channels, known as Sarvamitras, beyond its current operations in four states.

With the new investment, the Mumbai-based lendingtech startup’s total funding stands at INR 950 Cr.

The report further added that earlier this year, while the company was in talks with the investors, the round was expected to boost SarvaGram’s valuation in the range of $170-200 Mn, which is twice high since its last round of funding.

The Rural India-focused financial service provider previously raised $35 Mn in a Series C funding round from a host of investors including Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds, in January 2023.

While the current round was speculated to include a mix of primary and secondary transaction, there was no mention of secondary deal in the report.