SUMMARY
- Swara Fincare has bagged Rs 19.4 crore in Series A Funding round led by UC Impower.
- This fresh capital will be utilised in expanding its reach to micro and small business owners, and more.
- The Gurugram-based company assists the underserved and budding entrepreneurs in India.
Tech-enabled non-banking financial services provider Swara Fincare has bagged Rs 19.4 crore ($2.3 million) in Series A Funding round led by UC Impower with participation from Serica Angel Fund.
This fresh capital will be utilised in expanding its reach to micro and small business owners, broadening its distribution channels, creating new products, and improving its digital infrastructure, as stated in a statement from Swara Fincare.
Established in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare offers financial services to people and small business owners in rural and semi-urban India. Its services include personalized financing options, life, health, and general insurance plans, as well as loan account EMI payments and live tracking of loan progress.
The Gurugram-based company assists the underserved and budding entrepreneurs in India. It works in partnership with government bodies, non-governmental organizations, and other entities to provide financial education, training, and guidance to its customers.
Swara Fincare has a network of 45 branches throughout Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, serving over 35,000 families. The company has also received financial backing from more than 30 leading financial institutions and banks, in addition to establishing three co-lending agreements to support its expansion.
Other prominent names in the non-banking financial services industry include Funding Societies, Lendingkart, and AYEFin, among others.
