Sarvagram
Overview
Sarvagram is a fintech company focused on empowering rural households in India by providing access to a suite of financial services. Founded in 2018 by industry veterans Utpal Isser and Sameer Mishra, the company is headquartered in Pune, India. It specializes in offering tailored credit solutions, insurance, and farm mechanization services to underserved communities. Recently, Sarvagram raised Rs 565 crore (approximately $68 million) in a Series D funding round led by Peak XV Partners, marking total funds raised to date at Rs 950 crore. The company aims to bridge critical financial gaps for rural, middle-income families through a unique household-focused digital lending model.
Recent Developments
- November 2024: Sarvagram successfully raised Rs 565 crore in Series D funding, led by Peak XV Partners. With this funding, the company's total capital raised reached Rs 950 crore. The funds are expected to enhance Sarvagram's financial distribution platforms and expand its lending and service offerings across new territories. The funding round saw participation from existing investors including Temasek, Elevar Equity, Elevation Capital, and TVS Capital.
- January 2023: Sarvagram closed a Series C funding round at $35 million. The investment was aimed at expanding its distribution network and scaling its operations.
- 2022-23: The company expanded its services beyond Maharashtra, Gujarat, Karnataka, and Rajasthan, enhancing local engagement through its on-ground franchise system called Sarvamitras.
- Strategic Growth: The recent capital infusion will aid Sarvagram's efforts to further penetrate rural markets by adding new branches and bolstering its technological infrastructure to facilitate seamless service delivery.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2018 |
| Headquarters | Pune, India |
| Founders | Utpal Isser, Sameer Mishra |
| Total Funding Raised | Rs 950 crore |
| Key Investors | Peak XV Partners, Temasek, Elevar Equity, Elevation Capital, TVS Capital |
| Industry | Financial Technology |
| Number of Employees | Over 2,000 |
Early History
Sarvagram was founded in 2018 by Utpal Isser and Sameer Mishra, both of whom brought extensive experience in rural banking and financial services. Initially headquartered in Mumbai, the company's mission was to transform financial accessibility in rural India. By focusing on the economic potential of rural households and using data-driven approaches, Sarvagram quickly established itself as a leader in providing tailored financial services. The founders' vision was to approach financial inclusion holistically, treating households as unified economic units rather than individual entities.
Company Profile and Achievements
Sarvagram has pioneered a household-centric lending model in rural India. This approach takes into account the entire household's economic unit, assessing collective income streams and leveraging data analytics to offer tailored financial products. Key achievements include:
- Innovation in Financial Inclusion: Developed a proprietary digital platform that offers a variety of loans including farm, personal, and business loans.
- Growth in Assets Under Management (AUM): As of 2024, Sarvagram has approximately Rs 1,200 crore in loans under management, with a significant portion secured by property.
- Community Impact: Over a span of few years, the company served over 100,000 customers, providing them with essential financial tools to enhance productivity and economic growth.
- Robust Expansion Strategy: Established 150 branches across five states in India, strengthening rural financial ecosystems by integrating technology with human touch.
- Collaborations and Partnerships: Collaborated with various financial institutions and service providers to expand its product offerings and reach untapped markets.
Current Operations and Market Position
Today, Sarvagram is an emerging leader in the rural financial services market. With its technological prowess and extensive rural network, the company leverages its digital platforms to connect rural households with necessary financial products efficiently. By focusing on a market that includes farm, salaried, and micro, small, and medium enterprise (MSME) households, Sarvagram helps integrate these segments into the formal financial system. Its innovative customer approach and robust operational framework provide significant competitive advantages, positioning Sarvagram as a key driver in transforming rural India's financial landscape.
Conclusion
Sarvagram has established itself as a transformative force in rural India's financial sector. By addressing the unique needs of rural households with a comprehensive suite of financial services, the company not only facilitates economic enhancement but also strengthens community growth. As Sarvagram continues to expand its reach and improve its service offerings, the potential for significant impact on India's rural economy becomes increasingly evident. With ongoing funding and strategic initiatives, Sarvagram is well-positioned to further consolidate its foothold in the market, making financial services more inclusive and accessible for millions in rural India.