Swara Fincare, a fully tech-enabled non-banking finance corporation (NBFC), founded in March 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, acquired Rs 19.4 crore as part of Series-A Funding, led by UC Impower and with the participation of Piper Serica Angel Fund and the founders. Swara aims to double its assets by the end of this financial year.
Commenting on the development, Dev Verma, Co-Founder, Swara Fincare, said, “The stellar and experienced team of UC Impower, coupled with the diversified new age built 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 technology-driven risk framework in building 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!”
With over 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, Swara claimed to have impacted more than 35,000 households. With this fresh funding, the venture is poised to continue its focus on driving financial inclusion for micro and small entrepreneurs, creating a more inclusive financial landscape.
In the foreseeable future, it will ramp up its distribution network, develop innovative new products, and enhance its technology platform. This is expected to significantly enhance Swara's service offerings. Moreover, the company currently has debt support from over 30 prominent financial institutions, banks and 3 co-lending partnerships to sustain and propel its growth ahead.
Speaking about the partnership, Mona Kachhwaha, Co-founder and Partner, UC Impower said, "Swara's in-depth understanding of the micro-enterprise segment, strong risk practices, and operational expertise makes this an exciting partnership for us. Their vision of enhancing livelihoods, particularly for under-served 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."
