January 5

India’s SarvaGram Closes Oversubscribed Series C Round at $35 Million

SarvaGram Solutions, an India-based rural household-focused lending and distribution platform, has on Tuesday announced the close of its 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, SarvaGram said in a statement.

SarvaGram closed its Series B round at $10 million in February 2021, which was led by Elevation Capital and Elevar Equity.

With this funding round, SarvaGram plans to expand its distribution network by adding 75 more outlets (to reach 125) by the end of FY 2024.

It also plans to expand its on-ground franchisees – known as ‘SarvaMitra’ – to 3 times of the 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.

Source: TechNode Global (link opens in a new window)

Agriculture, Investing, Technology
agtech, business development, data, impact investing, rural development, smallholder farmers