SarvaGram Solutions Pvt Ltd, a rural household-focused lending and distribution platform, has raised $35 million Series C from Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds, with Elevar Equity being the largest investor in the company.
SarvaGram provides customised financial and capacity-enhancing products to unlock the potential of an increasingly aspirational rural India — a target market of over 80 million households. SarvaGram currently operates out of eight hubs, 50+ outlets across four States, and has 250+ franchise partners covering 8,000+ villages.
With this funding round, SarvaGram plans to expand its distribution network by adding 75 more outlets (to reach 125) by the end of FY2024. It also plans to expand its on-ground franchisees, SarvaMitra, to 3X its current strength across different States in India. The funds would also be deployed towards strengthening the technology layer, both in terms of hiring tech talent and solidifying SarvaGram’s existing tech stack, to support and enhance business operations.
Utpal Isser, Co-Founder, MD & CEO, SarvaGram said, “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.”
Jyotsna Krishnan, Managing Partner, Elevar Equity said, “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 at the cusp of two critical trends. This round provides aligned growth capital to help the company execute to their scale ambitions after successfully demonstrating robust financial margins in the business model.”
Anuradha Ramachandran, Managing Partner, TVS Capital Funds said, “We found the strong experience of the founders, the focus of SarvaGram on the underserved rural middle-class households and the increasing availability of data which makes for better underwriting, a differentiated story. Their flexible approach of providing multiple products to their customers will benefit over 80 million rural households.”