Mumbai-headquartered fintech firm Saswat Finance has raised $2.6 million (approximately INR 22.3 crore) in a Pre-Series A funding round led by Ankur Capital, with additional participation from existing backer Incubate Fund Asia.
The startup plans to utilize the capital infusion to enhance its technology infrastructure, introduce new financial products, and broaden its operations across Maharashtra, Karnataka, and Uttar Pradesh. A portion of the funds will also go toward strengthening its data analytics capabilities and diversifying its product suite.
Incubate Fund Asia, which participated in Saswat’s earlier funding round, has increased its investment commitment in this round.
Founded in 2022 by seasoned banking professionals Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance aims to address financial gaps in underserved regions by providing tailored financial services to smallholder farmers and nano/micro enterprises, particularly in rural areas.
The company began its journey in the dairy sector, a market valued at $135.3 billion in 2024 and expected to grow to $274.09 billion by 2032. Its offerings include cattle loans, insurance, health services, and financial and livestock management guidance powered by data-driven insights.
Saswat has also formed partnerships with a wide range of stakeholders in the dairy ecosystem, including well-known cooperatives and companies like AMUL (Maharashtra), Britannia, Shahaj & Srijini, Nandini, Schreiber Dynamix, Lactalis, and Hatsun.
“We’re uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services in underpenetrated segments,” said Arun Tiwari, cofounder and CEO of Saswat Finance.
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