Saswat Nets $2.6 Mn For Financial Offerings To Micro Enterprises

SUMMARY

Mumbai-based fintech startup Saswat Finance has secured $2.6 Mn (around INR 22.3 Cr) in a Pre-Series A funding round led by Ankur Capital

The startup plans to use the capital to strengthen its tech stack, introduce new financial products and scale operations

Founded in 2022, Saswat Finance is a fintech platform focused on delivering financial services to India’s smallholder farmers and nano/micro enterprises

Mumbai-based fintech startup Saswat Finance has secured $2.6 Mn (around INR 22.3 Cr) in a Pre-Series A funding round led by Ankur Capital, with participation from existing investor Incubate Fund Asia.

The startup plans to use the fresh capital to strengthen its tech stack, roll out new financial products, and scale up operations across Maharashtra, Karnataka and UP.

Additionally, the proceeds will be deployed to boost Saswat’s data and analytics infrastructure and expand its product portfolio.

Founded in 2022 by banking veterans Arun Tiwari, Indrajyoti Bhattacharjee and Ravi Ranjan Chaudhary, Saswat Finance is a fintech platform focused on delivering financial services to India’s smallholder farmers and nano/micro enterprises, particularly in rural areas.

The startup’s core mission is to bridge the financial gap in underserved markets, starting with the dairy sector (valued at $135.30 Bn in 2024 and projected to reach $274.09 Bn by 2032).

As per its website, it offers financial management solutions, cattle insurance and animal health monitoring and advisory services to farmers.

It has built strategic ties with a wide ecosystem that includes Dairy cooperatives such as AMUL (Maharashtra), Britannia, Shahaj & Srijini, Nandini, Schreiber Dynamix, Lactalis, and Hatsun.

“We’re uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services in underpenetrated segments,” said Saswat Finance’s cofounder and chief executive Arun Tiwari.

The funding comes at a time when fintech has emerged as one of the most preferred sectors among investors, attracting $739 Mn in Q1 FY25, according to industry estimates.

It was also among the top three sectors by deal count during the quarter. Notable funding rounds in the sector include Zolve’s $100 Mn round at a $251 Mn valuation, ToneTag’s $78 Mn, InsuranceDekho’s $60 Mn, and Scapia’s $23 Mn. Saswat Finance competes with the likes of Jai Kisan, Samunnati, and Avanti Finance to bridge the rural credit gap.