Saswat Finance, a Mumbai-based fintech startup, has raised $2.6 million in a funding round led by Ankur Capital, with participation from existing investor Incubate Fund Asia. The company aims to enhance financial inclusion in rural India by providing accessible and affordable financial services to underserved communities.
Company Overview
Mission and Vision
Founded in 2021 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance focuses on bridging the financial inclusion gap in rural India. The company’s mission is to empower small and marginal farmers, particularly women, by offering tech-driven financial solutions that improve their livelihoods.
Services Offered
Saswat Finance provides a range of services tailored to the needs of rural communities:
- Cattle Finance: Offering loans for purchasing cattle and related equipment.
- Animal Health: Providing digital health records and advisory services for livestock care.
- Cattle Insurance: Offering insurance products to protect against livestock-related risks.
- Agri-Inputs and Advisory: Providing access to agricultural inputs and expert advice to enhance productivity.
Use of Funds
The $2.6 million raised will be utilized to:
- Technology Enhancement: Develop and integrate advanced technological solutions to streamline operations.
- Product Expansion: Introduce new financial products catering to the diverse needs of rural communities.
- Geographical Expansion: Scale operations across key rural belts in Maharashtra, Karnataka, and Uttar Pradesh.
Market Opportunity
India’s rural economy presents a significant opportunity for fintech solutions. With over 140 million farmer households, many of which lack access to formal financial services, there is a vast untapped market for inclusive financial products. Saswat Finance aims to address this gap by leveraging technology to provide accessible financial services to underserved communities.
Impact and Future Outlook
Saswat Finance’s initiatives have the potential to transform rural economies by:
- Enhancing Financial Inclusion: Providing access to financial services for underserved populations.
- Empowering Women: Enabling women farmers to achieve financial independence and contribute to economic growth.
- Improving Livelihoods: Enhancing the productivity and income of smallholder farmers through access to credit and advisory services.
Looking ahead, Saswat Finance plans to expand its reach and impact by continuing to innovate and adapt its services to meet the evolving needs of rural communities.
Saswat Finance is at the forefront of driving financial inclusion in rural India. Through its innovative fintech solutions, the company is empowering smallholder farmers and transforming rural economies. With the recent funding, Saswat Finance is well-positioned to scale its operations and make a lasting impact on the lives of underserved communities.