Swara Fincare has raised Rs 19.4 crore (USD 2.3 million) in a Series A funding round led by UC Impower, with participation from Serica Angel Fund. 

According to a press release from Swara Fincare, the funding will be used to expand the company’s distribution network, develop innovative products, and enhance its technology platforms. 

Swara Fincare was established in 2022 by Dev Verma, Mukund Madhav, and Sumit Ranjan. It aims to provide financial services to individuals and entrepreneurs in rural and semi-urban areas of India.

Its offerings include customised financing solutions, life, health, and general insurance products, loan account equated monthly instalments (EMI) payments, and real-time tracking. 

The company collaborates with government agencies, NGOs, and other organisations to deliver financial literacy programs, training, and mentorship to its clients. 

Swara Fincare, headquartered in Gurugram, India, operates 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, impacting over 35,000 households. 

Additionally, the firm has secured debt support from more than 30 prominent financial institutions and banks and three co-lending partnerships. Other significant players in the Non-Banking Financial Company (NBFC) sector include Funding Societies, Lendingkart, and AYEFin.

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