Mumbai-based fintech startup Saswat Finance has raised $2.6 million in a pre-Series A round, led by Ankur Capital, with participation from existing investor Incubate Fund Asia. The company previously secured seed funding from Seedstars VC, Sparrow VC, and Incubate Fund Asia.
Founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance was launched to address the financial inclusion gap in rural and semi-urban India—regions often overlooked by traditional banks.
The startup offers small-ticket loans (especially for livestock procurement), insurance, and financial advisory services tailored to farmers and rural workers.
What sets Saswat apart is its use of technology combined with local data to assess creditworthiness. For example, the platform leverages inputs like milk production records and geographic conditions to evaluate loan eligibility. This allows Saswat to deliver faster, fairer, and more relevant financial services to those who need them most.
“India’s rural segments — over 65% of the population — are underserved by traditional financial services. At Saswat, we blend technology and trust to bring financial services directly to their doorstep. This funding will help us deepen our reach and scale operations,”
said Arun Tiwari, co-founder and CEO of Saswat Finance.
With this latest capital infusion, Saswat plans to:
- Strengthen its technology infrastructure
- Develop new financial products
- Expand operations into Maharashtra, Karnataka, and Uttar Pradesh
- Enhance its data and analytics capabilities
To date, over 6,000 customers have benefited from Saswat’s services. The startup has disbursed loans totaling more than ₹55 crore (~$7 million), often secured against livestock and rural assets. Saswat aims to empower more farmers and micro-entrepreneurs by bridging the rural credit gap.
With a growing need for accessible financial services in India’s heartland, Saswat Finance is positioning itself as a vital player in rural fintech. The company is also exploring strategic partnerships with agri-tech companies and cooperatives to deepen its market penetration and build a robust ecosystem.
As India’s digital financial transformation spreads beyond cities, Saswat Finance is proving that innovation, trust, and localized intelligence can unlock real value for rural communities.
