Peak XV Partners leads Rs 565-crore investment in rural credit startup SarvaGram Solutions

SarvaGram Solutions, a Pune-based rural-focused credit platform, has secured $565 crore in Series D funding led by Peak XV Partners. It plans to use the funds to expand its credit products business to more parts of the country.

Existing investors Temasek, Elevar Equity, Elevation Capital and TVS Capital also participated in the round. So far, the company has raised $A total of Rs 950 crore so far.

Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram leverages technology to select suitable products and disburse loans, facilitating access to financial and productivity-enhancing products such as loans, farm mechanization services and insurance.

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The company provides loans to meet the diverse credit needs of its three main household groups: farm, working-class and small business households. SarvaGram said it has 150 branches in five states with nearly $It manages assets of Rs 1,200 crore, 70% of which is secured by properties.

The company also provides insurance products and agricultural mechanization services through local employees and local franchise partners.

Utpal Isser, co-founder and CEO of SarvaGram Solutions, said: “This fundraising will advance our mission to provide rural families with easy access to a well-thought-out Curated financial and productivity-enhancing solutions to put more power in their hands. ”

RBI and National Agricultural Development Bank to boost rural lending

Reserve Bank of India (RBI) Governor Shaktikanta Das said in August that the central bank is considering launching a technology platform called Unified Lending Interface (ULI) across the country in due course to speed up credit disbursement The speed of credit disbursement, especially to rural and small borrowers, Mint reported.

Separately, the National Bank for Agriculture and Rural Development (NABARD) will launch a $The company’s chairman Shaji KV earlier this year said it would provide Rs 1,000 crore in funding to support technology-driven agriculture start-ups and rural enterprises.

The fund will support start-ups that face challenges in scaling operations due to limited access to equity and debt, and will seek to build new forward and backward linkages in rural ecosystems.