Swara Fincare, a tech-enabled non-banking finance corporation (NBFC), has raised ₹19.4 crore in its Series-A funding led by UC Impower. The round also saw participation from the Piper Serica Angel Fund and the founders.
The fresh funding will be used to promote financial inclusion for micro and small entrepreneurs, expand its distribution network, develop innovative products, and enhance its technology platforms.
Swara aims to double its assets by the end of this financial year.
Commenting on the development, Dev Verma, Co-Founder, Swara Fincare, said, “The stellar and experienced team of UC Impower, coupled with the diversified new age built of Piper Serica forms a partnership, that truly sets the stage for Swara to navigate its next phase of evolution. Our focus will be on people, governance, and technology-driven risk framework in building a robust institution, and this alliance is set out to make it happen! For a startup, this is a huge validation and our team is excited, to be a part of it!”
Speaking about the partnership, Mona Kachhwaha, Co-founder and Partner, UC Impower said, “Swara’s in-depth understanding of the micro-enterprise segment, strong risk practices, and operational expertise makes this an exciting partnership for us. Their vision of enhancing livelihoods, particularly for under-served women entrepreneurs, aligns perfectly with our impact goals. We look forward to working with Swara to bring about the next wave of financial inclusion in rural and semi-urban India.”
Founded in March 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare provides financial services to individuals and entrepreneurs in rural and semi-urban regions of India. The company offers a wide array of customised solutions, including life, health, and general insurance products, as well as financing options for loan account EMI payments and real-time loan tracking.
The company works closely with government agencies, NGOs, and other stakeholders to provide financial literacy programs, training, and mentorship, ensuring a comprehensive approach to financial empowerment.
With over 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, Swara claimed to have impacted more than 35,000 households.
The company currently has debt support from over 30 prominent financial institutions, banks and 3 co-lending partnerships to sustain and propel its growth ahead.
