A naukri.com initiative
Economic Times
4w
330
Image Credit: Economic Times
Fintech startup Saswat Finance raises $2.6 million from Ankur Capital, others
- Rural India-focused fintech startup Saswat Finance raises $2.6 million in funding round led by Ankur Capital and Incubate Fund Asia.
- Funding will be used to expand technology capabilities, introduce new financial products, and scale operations in Maharashtra, Karnataka, and Uttar Pradesh.
- Saswat Finance aims to redefine access to financial services for underpenetrated rural segments, focusing on fintech, agritech, and insurtech.
- Founded in 2022, Saswat Finance targets improving access to formal financial services starting with the dairy supply sector.
- The company uses a data-driven approach for credit and insurance products tailored to smallholder farmers and rural enterprises.
- Saswat Finance has facilitated over Rs 55 crore in asset-backed loans and onboarded more than 6,000 customers.
- The company currently provides cattle loans, insurance, and para-veterinary services, expanding into offerings for rural businesses.
- Saswat Finance has partnerships with dairy cooperatives, insurers, and lenders to enhance distribution and product offerings.
- The funding signifies the importance of tech infrastructure for fintech startups focused on financial inclusion in rural India.
- Government support through equity infusions is vital for fintech startups to expand access to financial services in underserved areas.
- Saswat Finance leverages alternative data to provide value at the last mile in the digital transformation of dairy and supply chains.
Read Full Article
19 Likes
For uninterrupted reading, download the app