Mumbai-based rural fintech startup Saswat Finance has raised $2.6 million in a Pre-Series A round, led by Ankur Capital.
The round also saw Incubate Fund Asia, an existing investor, double down on its commitment to Saswat’s mission of transforming financial inclusion in India’s underserved sectors.
This is Ankur Capital’s second investment from its third fund, backing Saswat’s differentiated tech-first approach to credit and insurance for underbanked rural users. Other early backers include Seedstars VC and Sparrow VC.
The capital will be used to enhance its technology infrastructure, launch new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh. Investment will also go toward strengthening data analytics capabilities for improved credit targeting and risk mitigation.
Founded in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary—each with over 18 years of experience in banking and financial service, Saswat has built a proprietary platform leveraging alternative data such as milk production, cash flows, weather trends, and geographic indicators to deliver tailored financial solutions.
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Saswat has already onboarded 6,000+ customers and disbursed ₹55 crore+ in asset-backed loans.
Saswat has partnered with key players across the value chain—including AMUL, Britannia, Nandini, Lactalis, and Hatsun on the dairy side; IFFCO Tokio, AIC, and Credit Access Insurance on the insurance front; and lending partners such as RBL Bank, Ambit Finvest, Shivalik SFB, and Western Capital.
