SarvaGram raised $10.5 million.

In a Series, B funding round led by Elevation Capital, SarvaGram, the fintech start-up based in rural areas, raised $10.5 million along with pro-rata participation from established investor Elevar Equity. This two-year start-up will take advantage of this funding round to improve its technology infrastructure, extend its geographical scope and introduce new offers.

Co-founded by Utpal Isser and Sameer Mishra, veteran rural bankers, SarvaGram aims to combine its on-ground presence with technology to better identify and serve its target customers. To simplify its lending decisions, it has developed and implemented proprietary tools, including scorecards for different customer segments.

SarvaGram began operations in June 2019 and has set up facilities in seven locations in Gujarat and Maharashtra. Jyotsna Krishnan, Managing Partner, Elevar Equity, said, “The massive opportunity presented by rural India is well known, but it requires a deep understanding of these markets and rural households to build and scale distribution in the rural context.”

It was amazing to see how Utpal and Sameer have leveraged their deep rural financial services expertise to grow a network that taps into data and insights at the household level and develops a distribution company that has proven to be stable right through the pandemic.