Fintech startup Saswat Finance has raised $2.6 million in a funding round led by Ankur Capital, with participation from existing backer Incubate Fund Asia. The Mumbai-based company aims to use the capital to scale its technology stack, launch new financial products, and expand operations across rural regions in Maharashtra, Karnataka, and Uttar Pradesh.
Founded in 2022 by ex-bankers Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance focuses on bridging the rural financial inclusion gap by tackling challenges such as informal lending, lack of documentation, and fragmented delivery systems.
&ldquo;This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations,&rdquo; said CEO Arun Tiwari. &ldquo;Saswat is uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services for underpenetrated segments.&rdquo;
Initially targeting the dairy supply chain, Saswat leverages alternative data&mdash;such as milk yield, weather trends, and geolocation insights&mdash;to underwrite asset-backed loans and offer tailored insurance products to smallholder farmers and micro-enterprises. So far, it has facilitated loans worth over ₹55 crore and onboarded more than 6,000 customers.
The company&rsquo;s offerings include cattle loans, insurance, and para-veterinary services. It now plans to diversify into credit products for other rural businesses. Saswat has also established strategic partnerships with major players including Amul, Britannia, Nandini, Hatsun, Iffco Tokio, Agriculture Insurance Company, RBL Bank, and Shivalik Small Finance Bank.
&ldquo;Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile,&rdquo; said Krishnan Neelakantan, Partner at Ankur Capital.
The fresh round of funding marks a significant step forward in Saswat&rsquo;s mission to provide structured, tech-driven financial access in India&rsquo;s underserved rural economy.
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Source : Indian Startup News

Fintech startup Saswat Finance has raised $2.6 million in a funding round led by Ankur Capital, with participation from existing backer Incubate Fund Asia.

Saswat Finance Raises $2.6 Million to Boost Rural Fintech Expansion