Swara Fincare, a tech-driven non-banking financial company (NBFC), has successfully raised ₹19.4 crore (approximately $2.3 million) in a Series A funding round led by UC Impower, with additional contributions from Serica Angel Fund.
This capital injection is aimed at enhancing financial inclusion for micro and small business owners. The company plans to use the funds to broaden its distribution network, innovate its product offerings, and upgrade its technological platforms, as stated in a recent press release.
Established in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare is dedicated to delivering financial services to individuals and entrepreneurs in rural and semi-urban regions across India. The company offers tailored financing solutions, as well as life, health, and general insurance products, including features like EMI payments and real-time loan tracking.
With a mission to assist underbanked populations and emerging entrepreneurs, Swara Fincare partners with various stakeholders, including government agencies and NGOs, to provide financial literacy initiatives, training programs, and mentorship opportunities for its clients.
Headquartered in Gurugram, Swara Fincare operates 45 branches in states such as Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, positively impacting over 35,000 households. The firm has also gained debt support from over 30 reputable financial institutions and banks and established three co-lending partnerships to further its growth trajectory.
In the NBFC landscape, notable competitors include Funding Societies, Lendingkart, and AYEFin, among others.