SarvaGram, a rural household lending and distribution platform, has raised $35 million in a series C funding round led by Elevar Equity, with participation from Elevation Capital, Temasek, and TVS Capital Funds.
Elevation Capital and Elevar Equity invested $10.5 million in the startup in February 2021 as part of its Series B round. It intends to use the funds raised to support and enhance business operations by strengthening the technology layer (both by hiring tech talent and by solidifying SarvaGram’s existing tech stack).
It also intends to improve its data analytics capabilities in order to improve customer experience and offerings and to broaden the customer funnel.
SarvaGram, a rural household lending and distribution platform, has raised $35 million in a series C funding round led by Elevar Equity, with participation from Elevation Capital, Temasek, and TVS Capital Funds.
Elevation Capital and Elevar Equity invested $10.5 million in the startup in February 2021 as part of its Series B round. It intends to use the funds raised to support and improve business operations by strengthening the technology layer (both by hiring tech talent and by solidifying SarvaGram’s existing tech stack).
It also plans to improve its data analytics capabilities in order to improve customer experience and offerings while also broadening the customer funnel.
“The fundraise will boost our mission of putting more power in the hands of rural households by enhancing our technology platform, strengthening the data analytics layer, growing our distribution, and adding on-ground human capacity,” said Utpal Isser, Co-Founder, MD & CEO, SarvaGram.
“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 on the cusp of two critical trends,” said Jyotsna Krishnan, Managing Partner, Elevar Equity. After successfully demonstrating robust financial margins in the business model, this round provides aligned growth capital to help the company execute on their scale ambitions.”
“We found the founders’ strong experience, SarvaGram’s focus on underserved rural middle-class households, and the increasing availability of data, which makes for better underwriting, a differentiated story,” said Anuradha Ramachandran, Managing Partner, TVS Capital Funds. Their adaptable approach of offering multiple products to customers will benefit more than 80 million rural households.”
