Saswat Finance Seeks Growth with New Funding

Saswat Finance, a fintech platform located in Mumbai, has successfully secured $2.6 million during its pre-Series A funding round, spearheaded by Ankur Capital. Additionally, Incubate Fund Asia, a returning investor, has increased its stake in this latest funding effort.

Previously, the startup garnered seed funding from a range of investors, including Seedstars VC, Sparrow VC, and Incubate Fund Asia.

This infusion of capital is aimed at advancing Saswat’s technology capabilities, launching new financial offerings, and scaling operations in Maharashtra, Karnataka, and Uttar Pradesh. Additional funds will be allocated to improving the company’s data and analytics framework while expanding its product range.

Overview of Saswat Finance

Established in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance leverages proprietary technology and alternative data points, such as milk production and geographical trends, to provide efficient delivery of credit, insurance, and advisory services to underrepresented populations.

Addressing Financial Inclusion

The rural segments of India, which account for more than 65% of the population, are typically overlooked by conventional financial services. Saswat Finance focuses on integrating technology and trust to deliver financial solutions right to the customers’ doorsteps. Tiwari, the CEO of Saswat Finance, stated that this funding will facilitate deeper engagement and expanded operations.

Saswat Finance claims to have welcomed over 6,000 customers and has disbursed in excess of Rs 55 crore in asset-backed loans.