SarvaGram Fincare to raise $40 Mn from Temasek, TVS Capital among others
- ByStartupStory | January 3, 2023
SarvaGram Fincare Pvt. Ltd, based in Maharashtra, is raising around $40 million from new investors Temasek and TVS Capital, as well as existing investors, according to a person familiar with the development.
“SarvaGram closed its latest fundraise with $40 million from Temasek, TVS Capital as well as others. The deal values Sarvagram at $100 million. EY was one of the advisors to Sarvagram for the fundraising,” said the person cited above, requesting anonymity.
“The company currently has five credit products under its portfolio, i.e. business loans (28%), farm loans (32%), personal loans (25%), home loans (6%) and gold loans (8%). The company offers these credit products to semi-urban/rural households. It follows brick and mortar business model for the purpose of its lead generation and currently has 50 branches as on 31 March 2022, as compared to nine on 31 March 2021, primarily in Gujarat and Maharashtra. The company has also started its operations in Rajasthan and Karnataka, and plans to further expand its operations in the states,” Crisil said in the report.
The lender’s last fundraising as of now took place in February 2021. Elevation Capital led a series B round of $10.5 million.According to the person, the new capital will be used to grow the lender’s loan book and expand its presence.
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