SarvaGram Raises INR 565 Crore in Series D; Doubles Valuation to INR 1,785 Crore
SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023
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Rural-focused credit startup SarvaGram has raised INR 565 crore (approximately $67 million) in its Series D funding round, led by Peak XV Partners with participation from existing investors Elevation Capital, Elevar Equity, Temasek, and TVS Capital. While the company announced the round publicly, regulatory filings accessed by Entrackr revealed the detailed structure, shareholding changes, and valuation impact of the investment.
According to documents filed with the Registrar of Companies, SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023. This allotment accounted for INR 550 crore of the round, with a prior infusion of INR 15 crore bringing the total to INR 565 crore.
Peak XV Partners led the round with an investment of INR 340 crore ($40.3 million). Existing backers followed suit—Elevation Capital put in INR 80.76 crore ($9.58 million), Elevar Equity contributed INR 68 crore ($8 million), while Temasek and TVS Capital invested INR 45.48 crore ($5.4 million) and INR 30.78 crore ($3.6 million) respectively.
The funding has significantly boosted SarvaGram's valuation, which now stands at INR 1,785 crore ($212 million)—more than double its INR 790 crore ($94 million) valuation at the time of its $35 million Series C round.
Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram focuses on delivering tailored credit and financial services to rural households, including business, farm, personal, home, and gold loans. The company also offers farm mechanization and insurance through its SarvaMitra network, which spans over 38,000 villages, supporting more than 1.5 lakh households and over 170 retail outlets.
Data from TheKredible shows SarvaGram has raised over $116 million across multiple rounds. Post-Series D, Elevar Equity remains the largest external shareholder with a 23.78 per cent stake, followed by Peak XV Partners (19.05 per cent) and Elevation Capital (18.40 per cent). Co-founders Isser and Mishra continue to hold 11.00 per cent and 7.05 per cent, respectively.
Financially, the Pune-based fintech reported a 2.3x growth in operating revenue to INR 170 crore for the year ending March 2024. Losses narrowed by 30 per cent year-on-year to INR 19.75 crore. SarvaGram faces competition from agri-fintech startups such as Jai Kisan, which last raised $50 million, and Arya.ag, which secured $30 million in debt funding earlier this year.
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