sarvagram: Fintech startup SarvaGram raises $35 million
It closed its $10 million Series B round in February 2021, which was led by Elevation Capital and Elevar Equity.
The company announced “closing of Series C round at $35 million. Investors in this round include Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds, with Elevar Equity being the largest investor in the company.”
With this round of funding, SarvaGram plans to expand its distribution network by adding 75 outlets (to reach 125) by the end of FY2024.
“It also plans to expand its on-ground franchisees – known as ‘SarvaMitra’ – to 3X its current strength across various states in India. The funds will also be used to strengthen the technology team – both in terms of hiring technology talent and solidifying SarvaGram’s existing tech stack – to support and improve business operations,” the company said in a statement.
It takes a 360-degree view of rural households as interconnected economic units and uses data-driven intelligence to assess their collective potential – including a thorough understanding of their reality, balance sheets and multiple income streams.
Discover the stories that interest you
“The fundraiser will reinforce our mission to put more power in the hands of rural households by enhancing our technology platform, strengthening the data analytics layer apart from increasing our distribution and adding human capacity on the ground,” SarvaGram co-founder, MD and CEO Utpal Isser said. Headquartered in Mumbai, SarvaGram currently operates from 8 hubs, over 50 outlets across 4 states. The company claims to have more than 250 franchise partners covering 8,000 villages.
Elevar Equity managing partner Jyotsna Krishnan said SarvaGram is on the cusp of two critical trends that include the turning point in rural markets as demonstrated by rising economic activity and aspirations seen across rural households.
