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EY has successfully advised SarvaGram in raising growth equity of US$35 mn from Temasek, TVS Capital Funds and existing investors – Elevar Equity and Elevation Capital. The Series-C fund raise will support SarvaGram’s growth plans and expanding its distribution network.
EY acted as an exclusive financial advisor to SarvaGram.
SarvaGram is a rural household-focused lending and distribution platform, providing customised financial and capacity-enhancing products to unlock the potential of an increasingly aspirational rural India — a target market of over 80 million households. It currently operates out of 8 hubs and over 50 outlets across four states, and has over 250 franchise partners covering more than 8000 villages. With the fresh capital infusion, it aims to add 75 more outlets and expand franchise partners by 3x in FY24. The funds would also be deployed to strengthen the data analytics capability and enhance customer experience and offerings.
Rural India is the next frontier for growth in credit and allied solutions. Vast experience of the founding team, sharp market focus and a tech first approach makes SarvaGram well positioned to be the market leader. Strong investor interest and continued support from the existing investors strengthens our belief in the potential of SarvaGram.