Saswat Finance Raises USD 2.6 Mn Led by Ankur Capital to Scale Rural Fintech Infrastructure
The Mumbai-based startup aims to deploy the fresh funds to expand its technology infrastructure, launch new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh.
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Mumbai-based fintech startup Saswat Finance has raised USD 2.6 million in a pre-Series A round led by Ankur Capital, with Incubate Fund Asia doubling down on its earlier investment.
The startup aims to deploy the fresh funds to expand its technology infrastructure, launch new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh.
Founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance is building a tech-first rural finance platform that leverages traditional and alternative data to unlock credit access for smallholder farmers and nano/micro enterprises.
The company's proprietary platform enables efficient credit origination, digital collections, and insurance distribution, with early services focused on cattle loans, insurance, and para-veterinary support. It uses unique data inputs like milk production, cash flow trends, and geographic indicators to deliver more accurate risk assessments and tailored financial offerings.
"This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations," said Arun Tiwari, CEO and Co-founder of Saswat Finance. "Saswat is uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services for underpenetrated segments."
The startup claims to have already partnered with major players in the dairy cooperative ecosystem such as AMUL, Britannia, Schreiber Dynamix, and Hatsun, as well as insurers like Iffco Tokio and AIC, and lenders including RBL Bank and Ambit Finvest, to strengthen its distribution and product capabilities.
Krishnan Neelakantan, Partner at Ankur Capital, remarked, "Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile."
Rajeev Ranka, Partner at Incubate Fund Asia, added, "We are delighted to double down on our partnership with a team that combines strong financial services expertise with execution capability."
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