Fintech startup Saswat Finance raises $2.6 million from Ankur Capital, others
Rural India-focused fintech startup Saswat Finance has raised $2.6 million in a funding round led by early-stage investor Ankur Capital, with existing backer Incubate Fund Asia participating.The Mumbai-based startup will use the capital to expand its technology capabilities, roll out new financial products, scale operations across Maharashtra, Karnataka, and Uttar Pradesh, and strengthen its data and analytics infrastructure.
'India's rural economy holds immense potential. However systemic barriers like informal lending, inadequate documentation, and lack of efficient last-mile distribution have ensured that a large financial services opportunity is underserved,' said Arun Tiwari, CEO and cofounder of Saswat Finance. 'Saswat is uniquely positioned at the intersection of fintech, agritech, and insurtech to redefine access to financial services for underpenetrated segments.'Founded in 2022 by former bankers Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat aims to improve access to formal financial services in the rural economy, starting with the dairy supply sector.The company uses a data-driven approach to offer credit and insurance products tailored to smallholder farmers and rural enterprises. Saswat said its model is based on traditional and alternative data, from milk production and cash flows to weather and geography, to improve credit underwriting and enable faster delivery of financial products.
The startup said it has enabled the disbursal of over Rs 55 crore in asset-backed loans and onboarded more than 6,000 customers to date.
While Saswat currently offers cattle loans, insurance, and para-veterinary services, it is expanding into adjacent offerings for rural businesses.The fintech company has built partnerships with dairy cooperatives, including Amul, Britannia, Nandini, and Hatsun; insurers such as Iffco Tokio General Insurance and Agriculture Insurance Company; and lenders such as RBL Bank and Shivalik Small Finance Bank, to strengthen its distribution and product offerings.
The funding comes at a time when fintech startups focused on financial inclusion have been seeking greater government support through equity infusions to expand access to financial services in underserved areas and upgrade their tech infrastructure, particularly in rural India. 'With the ongoing digital transformation of the dairy sector and other large supply chains as a tailwind, Saswat is addressing a critical gap in the market by using their tech platform and leveraging alternative data to deliver substantial value at the last mile,' said Krishnan Neelakantan, partner at Ankur Capital.
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