SarvaGran raises $35 Mn in series C round from Elevar Equity and others
- ByStartupStory | January 3, 2023
Lendingtech startup SarvaGram has announced the close of a $35 million Series C round led by Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds.
SarvaGram intends to use this funding round to expand its distribution network by 75 more outlets (bringing the total to 125) by the end of fiscal year 2024.
It also intends to triple the number of its on-the-ground franchisees, known as ‘SarvaMitra,’ across various Indian states, according to a prepared statement issued on January 3.
The funds would also be used to strengthen the technology layer, both by hiring tech talent and by solidifying SarvaGram’s existing tech stack, in order to support and improve business operations.
“Additionally, the company plans to advance its data analytics capabilities with the aim of enhancing customer experience and offerings, along with widening the customer funnel”, the statement said.
“Having successfully executed our household-centric hypothesis across tens of thousands of rural households, we now understand our customers much better. 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 apart from growing our distribution and adding on-ground human capacity, ” Isser said.
SarvaGram closed its $10 million Series B round in February 2021, led by Elevation Capital and Elevar Equity.
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