Mumbai, Nov 14 (PTI) Sarvagram, a rural areas-focused entity, on Thursday announced a Rs 565 crore funding round led by Peak XV Partners.

Existing investors Elevar Equity, Elevation Capital, Temasek and TVS Capital also participated in the funding for the company, which facilitates loans, insurance and farm mechanization services.

Also Read | World Diabetes Day 2024 Theme: What Are Symptoms of Diabetes? How To Prevent Diabetes? Know About Government of India’s Diabetes Prevention Initiatives.

The total capital raised by the company has touched Rs 950 crore with the latest fundraise.

Sarvagram has served over 1 lakh customers across five states through 150 branches and over 2,000 employees, as per an official statement, which added that the company's assets under management include Rs 1,200 crore of loans, with 70 per cent of the portfolio secured by property as collateral.

Also Read | Janjatiya Gaurav Divas 2024: Celebrating Tribal Heritage on Bhagwan Birsa Munda Jayanti.

Apart from credit, the company also provides access to insurance products and farm mechanization services through a network of its on-ground workforce along with local franchise partners.

"The fundraise will boost our mission of putting more power in the hands of rural households by enhancing their access and ease them into a curated set of financial and productivity-enhancing solutions," the company's co-founder and chief executive Utpal Isser said.

Peak XV's principal Chinmaya Golecha said the company's founders have developed and scaled specialized products for middle-income families in rural areas.

TVS Capital's managing partner Anuradha Ramachandran said the latest fundraising places the company in a strong position to continue its growth and profitability trajectory.

Avendus Capital advised Sarvagram on the transaction.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)