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Saswat Nets $2.6 Mn For Financial Offerings To Micro Enterprises
- Mumbai-based fintech startup Saswat Finance secures $2.6 Mn in Pre-Series A funding round led by Ankur Capital.
- Existing investor Incubate Fund Asia also participated in the funding round.
- The funding will be used to enhance tech stack, introduce new financial products, and expand operations in Maharashtra, Karnataka, and UP.
- Saswat Finance plans to strengthen data and analytics infrastructure and diversify product portfolio.
- Incubate Fund Asia has increased its commitment to Saswat in this funding round.
- Founded in 2022, Saswat Finance provides financial services to smallholder farmers and micro enterprises, focusing on rural areas.
- Its mission is to address the financial gap in underserved markets, starting with the dairy sector.
- The startup offers financial management solutions, cattle insurance, and animal health advisory services to farmers.
- Saswat Finance has collaborations with various dairy cooperatives such as AMUL, Britannia, Nandini, and Lactalis.
- The funding reflects Saswat Finance's position at the convergence of fintech, agritech, and insuretech to enhance financial access in underpenetrated sectors.
- The fintech sector has seen significant investor interest, with $739 Mn invested in Q1 FY25, making it a top sector by deal count.
- Saswat Finance competes with Jai Kisan, Samunnati, and Avanti Finance in bridging the rural credit gap.
- Notable funding rounds in the fintech sector include Zolve's $100 Mn, ToneTag's $78 Mn, and InsuranceDekho's $60 Mn rounds.
- Saswat Finance's funding aligns with the broader trend of investors favoring fintech startups.
- Web story eligible: Yes
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