Tech-enabled non-banking financial company (NBFC) Swara Fincare has 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 fresh capital will be used to advance financial inclusion for micro and small business owners, expand the company’s distribution network, and further develop innovative financial products and technology platforms, according to a statement from Swara Fincare.
Founded in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare focuses on providing tailored financial services to individuals and entrepreneurs in India’s rural and semi-urban areas. Its range of offerings includes customized financing solutions, insurance products (life, health, and general), loan EMI payment services, and real-time account tracking capabilities.
The company’s mission is to bridge the financial gap for the underbanked population by working with government agencies, NGOs, and other organizations to deliver financial literacy programs, training, and mentorship to their clientele. Swara Fincare currently operates 45 branches across five Indian states: Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, impacting over 35,000 households.
Swara Fincare’s expansion plans have been supported by debt backing from more than 30 prominent financial institutions and banks. The firm has also established three co-lending partnerships to facilitate its growth.
This funding round positions Swara Fincare alongside notable competitors in the NBFC sector, such as Funding Societies, Lendingkart, and AYEFin, as it continues to grow and support India’s emerging entrepreneurial ecosystem.
