Mumbai-based financial services startup, SarvaGram, raises Rs 77 crore in a new investment round.
The startup works to provide lending services to households in rural areas of India to help improve the citizen’s livelihoods and homes. The startup provides customers with financial help through digital payments.
SarvaGram provides users with fast decisions regarding lending and provides a variety of specific kinds of loans. The company will use the new Series B investment round for continued growth plans.
“Considering that only a third of income in rural areas comes from farming, we have decided to look at lending outside the sectoral verticals like agriculture, salaried or self-employed and provide loans assessing borrowers at household levels,” Co-Founder at SarvaGram, Utpal Isser, said to Times of India.
The startup was founded by Isser and Sameer Mishra in January 2018 and has a long term goal of lending to 5 lakh customers and expanding its geographical presence to 500 locations.
“We are currently present in Gujarat and Maharashtra and will be in four states by adding Karnata and Rajasthan soon,” Isser said, as reported by TOI.
Investors in the Series B investment round include Hong Kong-based venture capital firm, Elevation Capital and Seattle-based early-stage venture capital company, Elevar Equity.
(Picture courtesy: SarvaGram)
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