The startup is expected to be valued between $170 Mn and $200 Mn
Venture capital firms Peak XV, Apis Partners, and Beams Fintech Fund, along with global impact investor Creation Investments Capital Management LLC, are likely to lead the round
Last year, SarvaGram raised $35 Mn in Series C funding round. Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds participated in the round
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Mumbai-based lendingtech startup SarvaGram is reportedly in discussions to raise a fresh funding of around $50 Mn from both new and existing investors.
The startup is expected to be valued between $170 Mn and $200 Mn, nearly doubling its valuation since its last funding round in January 2023, Moneycontrol reported.
Venture capital firms Peak XV, Apis Partners and Beams Fintech Fund, along with global impact investor Creation Investments Capital Management LLC, are likely to lead the $50 Mn funding round, which is expected to include a combination of primary and secondary transactions.
Secondary transactions will allow existing investors to exit by selling their shares to new or existing investors. Additionally, existing investors such as Elevar Equity, Elevation Capital, Temasek, and TVS Shriram Growth Capital are also expected to participate in the primary capital infusion.
The company has been aggressively expanding their offline channels, known as Sarvamitras, beyond its current operations in four states.
Founded in 2018 by banking veterans Utpal Isser and Sameer Mishra, the Mumbai-based lendingtech startup offers credit to underserved people living in rural and semi-urban areas. It mainly provides credit to small businesses, farmers, households and individuals.
The startup claims to provide customers access to productivity enhancement tools, including loans, farm mechanisation services and risk mitigants, among others.
Last year, SarvaGram raised $35 Mn in Series C funding round. Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds participated in the round.
SarvaGram turned profitable in FY24, reporting a profit after tax of INR 7.6 Cr. However, the group entity, Sarvagram Solutions Private Limited (SSPL), continues to operate at a loss, according to provisional figures shared by ICRA ratings.
SSPL reduced its net loss to INR 11.6 Cr in FY24, marking a 65% improvement from the previous year. Additionally, the company saw its total assets under management (AUM) grow 1.5 times, reaching INR 1,166 Cr.
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