Mumbai-based fintech startup Saswat Finance has secured $2.6 million in a pre-Series A funding round led by Ankur Capital, with Incubate Fund Asia reaffirming its support by participating in this round as well.
The company plans to utilize the newly raised capital to strengthen its technology infrastructure, introduce innovative financial products, and expand its footprint across Maharashtra, Karnataka, and Uttar Pradesh.
Established in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance is developing a tech-driven rural finance platform that uses both conventional and alternative data sources to enhance credit accessibility for smallholder farmers and micro/nano enterprises.
Saswat Finance’s proprietary platform seamlessly facilitates efficient credit origination, digital loan collections, and insurance distribution. Initially, its services focus on cattle loans, insurance products, and para-veterinary support. Moreover, the platform leverages unique data points—such as milk production levels, cash flow patterns, and geographic indicators—to deliver more accurate risk assessments and offer tailored financial solutions that meet the specific needs of rural customers.
“This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations,” said Arun Tiwari, CEO and Co-founder of Saswat Finance. “Saswat is uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services for underpenetrated segments.”
Saswat Finance claims to have established strategic partnerships with key players in the dairy cooperative ecosystem, including AMUL, Britannia, Schreiber Dynamix, and Hatsun. Additionally, the startup has joined hands with insurers like Iffco Tokio and AIC, along with lending institutions such as RBL Bank and Ambit Finvest. These collaborations aim to enhance the startup’s distribution reach and product offerings, reinforcing its position in the rural financial services landscape.
Krishnan Neelakantan, Partner at Ankur Capital, remarked, “Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile.”
Rajeev Ranka, Partner at Incubate Fund Asia, added, “We are delighted to double down on our partnership with a team that combines strong financial services expertise with execution capability.”
Saswat Finance’s successful pre-Series A round marks a significant step in its mission to revolutionize rural lending through data-driven financial solutions. By combining technology with deep ecosystem integration, Saswat Finance aims to bridge the credit gap for smallholder farmers and micro-entrepreneurs, driving financial inclusion in underserved regions of India.
