Swara Fincare raises Rs 19.4 Cr in Series A funding

Tech-enabled non-banking financial company (NBFC) Swara Fincare has successfully raised Rs 19.4 crore ($2.3 million) in a Series A funding round led by UC Impower, with participation from Serica Angel Fund.

The new funding will be used to promote financial inclusion for micro and small entrepreneurs, expand its distribution network, develop innovative products, and enhance its technology platforms, according to a press release from Swara Fincare.

Founded in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare aims to provide financial services to individuals and entrepreneurs in rural and semi-urban areas of India. Its offerings include customized financing solutions, life, health, and general insurance products, as well as loan account EMI payments and real-time tracking.

Swara Fincare focuses on supporting the underbanked population and emerging entrepreneurs in India. The company collaborates with government agencies, NGOs, and other organizations to deliver financial literacy programs, training, and mentorship to its clients.

Based in Gurugram, Swara Fincare operates 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, impacting over 35,000 households. The firm has also secured debt support from more than 30 prominent financial institutions and banks, along with three co-lending partnerships to facilitate its growth.

Other notable players in the NBFC sector include Funding Societies, Lendingkart, and AYEFin, among others.