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Swara Fincare, a tech-enabled non-banking financial company (NBFC), has announced the raising of INR 19.4 crore (approximately USD 2.3 million) in a Series A funding round, led by UC Impower and supported by Serica Angel Fund.
The fresh capital will be used to advance Swara Fincare’s mission of promoting financial inclusion for micro and small entrepreneurs, expand its distribution network, and enhance its technology platforms.
Founded in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara Fincare is focused on providing financial services to individuals and entrepreneurs in rural and semi-urban regions of India. The company offers a wide array of customised solutions, including life, health, and general insurance products, as well as financing options for loan account EMI payments and real-time loan tracking.
The Gurugram-based platform has a deep focus on supporting India’s underbanked population and emerging entrepreneurs, particularly women entrepreneurs in rural areas. The company works closely with government agencies, NGOs, and other stakeholders to provide financial literacy programs, training, and mentorship, ensuring a comprehensive approach to financial empowerment.
With 45 branches spread across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, Swara Fincare currently impacts over 35,000 households. The company has also secured debt support from more than 30 leading financial institutions and banks, along with three co-lending partnerships, to strengthen its position in the micro-lending space.
Dev Verma, Co-Founder, MD, and CEO of Swara Fincare, said, “The stellar and experienced team of UC Impower, coupled with the diversified new-age approach of Piper Serica, forms a partnership that truly sets the stage for Swara to navigate its next phase of evolution. Our focus will be on people, governance, and a technology-driven risk framework to build a robust institution, and this alliance is set out to make it happen! For a startup, this is a huge validation, and our team is excited to be a part of it.”
Mona Kachhwaha, Co-founder and Partner of UC Impower, added, “Swara’s in-depth understanding of the micro-enterprise segment, strong risk practices, and operational expertise make this an exciting partnership for us. Their vision of enhancing livelihoods, particularly for underserved women entrepreneurs, aligns perfectly with our impact goals. We look forward to working with Swara to bring about the next wave of financial inclusion in rural and semi-urban India.”
