SarvaGram, a Pune-based rural credit and financial services startup, has closed its Series D funding round at INR 565 crore (~USD 67 million). The round was led by Peak XV Partners, with strong participation from existing backers Elevation Capital, Elevar Equity, Temasek and TVS Capital.
Fundraise Structure and Participation
According to the filings, SarvaGram’s board approved the issue of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at a price of INR 2,51,431.22 per share in November 2023. This primary allotment brought in INR 550 crore, while a prior infusion of INR 15 crore completed the round at INR 565 crore.
The fundraise saw the following investments:
- Peak XV Partners: INR 340 crore (~USD 40.3 million)
- Elevation Capital: INR 80.76 crore (~USD 9.58 million)
- Elevar Equity: INR 68 crore (~USD 8 million)
- Temasek: INR 45.48 crore (~USD 5.4 million)
- TVS Capital: INR 30.78 crore (~USD 3.6 million)
Valuation Milestone: 2X in Less Than 2 Years
The fundraise has taken SarvaGram’s valuation to an estimated INR 1,785 crore (~ USD 212 million), more than 2X from its previous INR 790 crore (USD 94 million) valuation during its USD 35 million (~INR 302 crore) Series C round.
This valuation jump reflects growing investor confidence in SarvaGram’s rural lending model, retail presence and tech driven distribution network.
Cap Table Reshuffle
After SarvaGram Series D, the cap table has seen some changes. As per filings and estimates:
- Elevar Equity has the biggest external stake with 23.78%
- Peak XV Partners has 19.05%
- Elevation Capital has 18.40%
- Co-founder Utpal Isser has 11.00%
- Co-founder Sameer Mishra has 7.05%
Rest is with other investors, employees, other early investors, and potentially an ESOP pool.
Rural Fintech at Scale
Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram focuses on credit and financial services for rural households. Its product suite includes:
- Business loans
- Farm loans
- Personal and home loans
- Gold loans
- Insurance products
- Farm mechanization services
The company operates through its SarvaMitra network, which now covers 38,000+ villages, supports 1.5 lakh+ households, and has a distribution infrastructure of 170+ retail outlets and 630+ SarvaMitra franchises.
The SarvaMitra model offers a high-touch, localized interface backed by digital processes, for efficient last-mile delivery of financial services and products like farm equipment (cultivators, rotavators, harvesters).
Financial Performance
SarvaGram saw 2.3x year-on-year growth in operating revenue, with INR 170 crore for FY24 (ending March 2024). And 30% reduction in losses, down to INR 19.75 crore, indicating better cost management and operating leverage.
SarvaGram is in the rural fintech space, competing with Jai Kisan which raised USD 50 million (~INR 430 crore) in Series B in 2022 and Arya.ag which got USD 30 million (~INR 258 crore) debt funding this year. But SarvaGram differentiates itself with its credit-plus-distribution model, on-ground franchisee network and multi-product approach.
Looking Ahead
With new capital, SarvaGram will focus on:
- Tech led product expansion
- Geographic scale up
- Strengthening the SarvaMitra network
- Deeper integration of insurance and mechanization services
This funding round is a big validation for SarvaGram’s rural-first approach and sets the stage for future plays—maybe even an IPO in the next few years if growth continues. SarvaGram Series D is more than a funding round—it’s a validation of the rural fintech thesis. By going deep into the rural economy with a digital-physical hybrid model, SarvaGram is becoming the benchmark for financial inclusion with profitability.
As India’s interiors go digital and economic, players like SarvaGram are not just filling the credit gap—they’re rewriting the rules of rural entrepreneurship.
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