Capital lending technology company SarvaGram has announced that the firm has secured a sum of 35 million US dollars by the investment led by private Equity firm Elevar Equity, the company’s existing investor on Tuesday, 3rd January 2023.
The company reported that by securing the amount of 35 million US dollars it has wrapped up the series C funding round after securing a sum of 10 million US dollars in the month of February of 2021 in series B funding round led by the Elevar Equity and Elevation Capital.
Investor Participants for SarvaGram
The Series C Funding round led by Elevar Equity for the Company witnessed the participation of several other investors including the Gurgaon based venture capital firm Elevation Capita, Singapore based global investment company Temasek and Madhurai based Private Equity fund TVS Capital.
The company wishes to utilise the funds raised from the current funding round in widening the distribution network of the company by 75 outlets by the Fiscal year 2024. The company also focuses to reinforce the data analytics and technology equipment and recruiting.
Besides this, the company also wishes to release durables finance loans and focuses on creating a goal to achieve 80 million rural households in the country. The company has mentioned that it wishes to expand SarvaMitra, the on-ground franchisee of the SarvaGram Company in different states of the country by three times.
With respect to the fund raised from the Series C round, the Managing Director and the CEO of the company Mr Utpal Isser said that the funds raised from the investment led by the Elevar Equity will empower the company’s aim of adding to the strength in rural households by polishing the company’s technology portfolio, empowering the data analytics layer besides developing the company’s distribution and including the on-ground human capacity.
About the Company SarvaGram
The capital lending Fintech Company SarvaGram was established in the year 2018 co-founded by two banking experts Mr Utpal Isser and Sameer Mishra. The headquarters of the company is based in Mumbai, India.
The Fintech start-up focuses on providing its services like the loans for farms, businesses, gold, loans for home, personal loans, risk mitigates and farm mechanisation services especially to the population residing in the rural areas of the country. The company also claims that in the fiscal year 2021 it had assets of sum accounting to 171 Cr INR.
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