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Saswat Finance, a fintech startup targeting India’s underserved rural economy, has raised $2.6 million in a funding round led by Ankur Capital, with participation from existing investor Incubate Fund Asia. The startup plans to use the fresh capital to expand its technology stack, introduce new financial products, and scale operations across key rural belts in Maharashtra, Karnataka, and Uttar Pradesh.
Founded in 2022 by former bankers Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance aims to bridge the persistent gap in rural financial inclusion by addressing structural barriers such as informal lending practices, documentation constraints, and fragmented delivery channels.
“This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations,” said Tiwari, who is also the CEO of Saswat Finance. “Saswat is uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services for underpenetrated segments.”
The Mumbai-based startup began by focusing on the dairy supply chain—leveraging both traditional and alternative datasets such as milk yield, weather patterns, and geographic variables to underwrite asset-backed loans and deliver insurance products tailored to smallholder farmers and micro-enterprises.
Saswat claims to have facilitated over Rs 55 crore in loans and onboarded more than 6,000 customers to date. Its portfolio currently includes cattle loans, insurance, and para-veterinary services, but the company is now expanding into adjacent credit offerings for rural businesses. To enhance its reach, the startup has built partnerships with dairy cooperatives including Amul, Britannia, Nandini, and Hatsun; insurers such as Iffco Tokio and Agriculture Insurance Company; and financial institutions like RBL Bank and Shivalik Small Finance Bank.
Krishnan Neelakantan, Partner at Ankur Capital, said, “Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile.”
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