Saswat Finance, a fintech platform based in Mumbai, has secured $2.6 million in its pre-Series A funding round, which was led by Ankur Capital. Incubate Fund Asia, a current investor, also increased its investment during this round.
Previously, the startup obtained seed funding from investors such as Seedstars VC, Sparrow VC, and Incubate Fund Asia.
The funds will assist Saswat in enhancing its technology capabilities, launching new financial products, and expanding operations throughout Maharashtra, Karnataka, and Uttar Pradesh. Additionally, the funding will be allocated to improve its data and analytics infrastructure and expand its product offerings.
Founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance leverages proprietary technology and alternative data, including milk production and geographic trends, to facilitate the efficient delivery of credit, insurance, and advisory services to underserved communities.
“India’s rural segments — over 65% of the population — are underserved by traditional financial services. At Saswat, we blend technology and trust to bring financial services directly to their doorstep. This funding will help us deepen our reach and scale operations,” said Arun Tiwari, CEO of Saswat Finance.
The company reports having onboarded over 6,000 customers and disbursed more than Rs 55 crore in asset-backed loans.
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