Swara Fincare, a tech-enabled non-banking financial company (NBFC), has successfully raised Rs 19.4 crore ($2.3 million) in its Series A funding round. The investment was led by UC Impower with the backing of Serica Angel Fund, marking a significant milestone in Swara Fincare’s growth journey.
The newly acquired funds will be used to advance the company’s mission of promoting financial inclusion for micro and small entrepreneurs across India. Swara Fincare also plans to utilize the capital infusion to expand its distribution network, develop innovative financial products, and enhance its technology platforms, according to a press release by the company.
Expanding Financial Inclusion
Swara Fincare is committed to addressing the financial needs of the underbanked population and emerging entrepreneurs, particularly in rural and semi-urban areas. By working with government agencies, NGOs, and other entities, the company delivers financial literacy programs, training, and mentorship to empower its clients, helping them grow their businesses and achieve financial stability.
About Swara Fincare
Founded in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare offers a range of financial services tailored to individuals and entrepreneurs in less accessible regions. The company’s offerings include customized financing solutions, insurance products, loan account EMI payments, and real-time tracking services.
Operating out of Gurugram, Swara Fincare has established a strong presence with 45 branches spread across key states such as Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand. To date, the company has positively impacted over 35,000 households.
Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement, has quickly emerged as a trusted platform for businesses to streamline their financial processes.
In addition to its equity funding, Swara Fincare has secured significant debt support from over 30 leading financial institutions and banks. The company has also formed three co-lending partnerships, further facilitating its growth and outreach efforts.
Growth in the NBFC Sector
The brand’s efforts to promote financial inclusion align with a broader movement within the NBFC sector. Other key players, including Funding Societies, Lendingkart, and AYEFin, are similarly contributing to economic empowerment by providing financial services to underserved communities.
