Mumbai-based fintech startup Saswat Finance has raised $2.6 million in a pre-Series A funding round. Ankur Capital led the round, while Incubate Fund Asia also took part, increasing its earlier investment in the company.
Saswat Finance plans to use the new funds to improve its technology, launch new financial products, and grow its operations in Maharashtra, Karnataka, and Uttar Pradesh.
The startup was founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary. It is building a tech-driven rural finance platform that uses both traditional and alternative data to help small farmers and tiny businesses get easier access to credit.
Saswat Finance has built its platform that helps with giving out loans, collecting payments digitally, and offering insurance. In the beginning, it focused on services like cattle loans, insurance, and basic veterinary support.
The platform uses special types of data—like milk production, cash flow patterns, and location details—to better understand risk and offer financial products that are more suitable for each customer.
“This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations,” said Arun Tiwari, CEO and Co-founder 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 startup says it has already teamed up with big names in the dairy industry, like AMUL, Britannia, Schreiber Dynamix, and Hatsun. It’s also working with insurance companies like Iffco Tokio and AIC and lenders such as RBL Bank and Ambit Finvest. These partnerships help the company offer better products and reach more customers.
Krishnan Neelakantan, Partner at Ankur Capital, remarked, “Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile.”
Rajeev Ranka, Partner at Incubate Fund Asia, added, “We are delighted to double down on our partnership with a team that combines strong financial services expertise with execution capability.”
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