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Saswat Finance raises $2.6 million to deepen fintech penetration in rural India
- Saswat Finance, a fintech startup focusing on rural India, secures $2.6 million in funding led by Ankur Capital and Incubate Fund Asia.
- The funding will be used to enhance technology, introduce new financial products, and expand operations in Maharashtra, Karnataka, and Uttar Pradesh.
- Founded in 2022 by former bankers, Saswat Finance aims to improve rural financial inclusion by overcoming barriers like informal lending practices and documentation constraints.
- The startup plans to invest in technology, expand reach, and scale operations to redefine access to financial services in underpenetrated segments.
- Starting with the dairy supply chain, Saswat uses diverse datasets to underwrite loans and offer insurance products tailored to smallholder farmers and micro-enterprises.
- Having facilitated over Rs 55 crore in loans and onboarded 6,000+ customers, Saswat is expanding its portfolio to include business credit offerings for rural enterprises.
- The startup has partnered with dairy cooperatives like Amul, Britannia, insurers such as Iffco Tokio, and financial institutions like RBL Bank to enhance reach and services.
- Krishnan Neelakantan from Ankur Capital mentioned that Saswat is bridging market gaps by leveraging technology and alternative data for impactful last-mile delivery.
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