Saswat Secures the Bag: Fintech Startup Banks $2.6M from Ankur Capital & Co.

Mumbai-based fintech startup Saswat Finance has secured $2.6 million in a pre-Series A round led by Ankur Capital, with participation from Incubate Fund Asia and other existing investors. The fresh capital will accelerate Saswat’s mission to bring tailored credit and insurance products to smallholder farmers and rural enterprises across Maharashtra, Karnataka, and Uttar Pradesh.

 

Key Highlights:

 

•⁠  ⁠Saswat Finance leverages traditional and alternative data—such as milk production, cash flows, and weather patterns—to deliver customized financial solutions to underserved rural segments.

 

•⁠  ⁠The company has already disbursed over ₹55 crore in asset-backed loans and onboarded more than 6,000 customers, focusing initially on cattle loans, insurance, and para-veterinary services.

 

•⁠  ⁠Strategic partnerships with leading dairy cooperatives (Amul, Britannia, Nandini, Hatsun), insurers (IFFCO Tokio, Agriculture Insurance Company), and lenders (RBL Bank, Shivalik Small Finance Bank) strengthen Saswat’s distribution network and product offerings.

 

•⁠  ⁠The new funding will be used to enhance technology infrastructure, expand data analytics capabilities, and roll out new financial products, deepening Saswat’s reach in India’s vast rural economy.

 

Outlook:

With over 65% of India’s population in rural areas, Saswat Finance is poised to redefine financial inclusion by bridging critical gaps in credit and insurance access. The company’s tech-driven, partnership-led approach could set new benchmarks for rural fintech innovation in the coming years.

 

Source: Economic Times, Entrepreneur India, Entrackr