Saswat Finance, a Mumbai-based fintech startup focused on India’s underserved rural economy, has secured $2.6 million in its latest funding round led by Ankur Capital, with additional participation from existing investor Incubate Fund Asia.
The fresh capital will be used to strengthen Saswat’s technology stack, expand financial product offerings, and scale operations across high-potential rural markets, particularly in Maharashtra, Karnataka, and Uttar Pradesh.
🌱 Bridging Rural Financial Gaps with Tech
Founded in 2022 by ex-bankers Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance is on a mission to solve long-standing challenges in rural financial inclusion. These include:
- Reliance on informal lending
- Lack of accessible documentation
- Fragmented delivery channels
“This new funding will empower us to invest in technology, deepen our reach, and scale operations aggressively,” said Arun Tiwari, CEO of Saswat Finance. “We’re at the crossroads of fintech, agritech, and insuretech, redefining financial access for India’s underpenetrated segments.”
🐄 Dairy-Led Fintech Innovation
Saswat started by targeting the dairy supply chain, using a unique mix of traditional and alternative datasets—such as milk yield, weather patterns, and geolocation data—to underwrite asset-backed loans and insurance products for smallholder farmers and micro-enterprises.
Key products and services include:
- Cattle loans
- Customized insurance offerings
- Para-veterinary services
To date, Saswat claims to have:
- Facilitated over ₹55 crore in rural loans
- Onboarded 6,000+ customers
🤝 Strategic Partnerships at the Last Mile
To extend its reach and credibility, Saswat has built strong partnerships with:
- Dairy cooperatives: Amul, Britannia, Nandini, Hatsun
- Insurers: Iffco Tokio, Agriculture Insurance Company
- Banks: RBL Bank, Shivalik Small Finance Bank
These partnerships enable last-mile delivery of financial services in rural and agrarian communities, helping address both credit and insurance gaps.
📣 Investor Confidence
“Saswat is tackling a deeply underserved segment with a tech-first approach and a strong understanding of grassroots realities,” said Krishnan Neelakantan, Partner at Ankur Capital. “They’re delivering real value at the last mile by unlocking alternative data for financial inclusion.”
The startup is now expanding into adjacent credit categories for rural businesses, aiming to become a full-stack rural fintech platform.
