Tech-enabled non-banking financial company (NBFC) Swara Fincare has raised Rs 19.4 crore ($2.3 million) in a Series A funding round led by UC Impower, with participation from Serica Angel Fund. The fresh capital will be used to promote financial inclusion for micro and small entrepreneurs, expand the company’s distribution network, develop innovative financial products, and enhance its technology platforms.
Founded in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan, Swara is dedicated to providing tailored financial services to individuals and entrepreneurs in rural and semi-urban areas of India. Its product offerings include customized financing solutions, life, health, and general insurance products, along with EMI payment services and real-time tracking for loan accounts.
The company focuses on supporting the underbanked population and emerging entrepreneurs across India.It collaborates with government agencies, NGOs, and other organizations to provide financial literacy programs, training, and mentorship to its clients, empowering them with the knowledge and resources to grow their businesses.
Headquartered in Gurugram, Swara operates 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, reaching over 35,000 households. The company has secured debt support from more than 30 financial institutions and banks, in addition to three co-lending partnerships, positioning itself for continued growth in the NBFC sector.
In the competitive NBFC space, Firm joins notable players like Funding Societies, Lendingkart, and AYEFin, offering financial services to underserved communities.