SarvaGram Revenue, Valuation, Funding & Investors
SarvaGram is valued at $191M as of November 2024, a 5.8x multiple on its last reported $33M revenue.
Last SarvaGram valuation
$191M
Series D · Nov 2024
Last SarvaGram funding round
$67M
Series D · Nov 2024
SarvaGram revenue
$33M
Series D · Nov 2024
Key investors in SarvaGram
Elevar Equity
Elevation Capital
Temasek
TVS Capital Funds
Peak XV Partners
About SarvaGram
SarvaGram is a Hyderabad-based fintech platform extending gold-backed loans, farm credit, and consumer financing to rural India. Leveraging satellite imagery and alternative data, it assesses household economics for households in Uttar Pradesh and Bihar. SarvaGram partners with regional banks to disburse funds via UPI for tractors and appliances.
Founded
2018
HQ
MumbaiWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$33M (Nov 2024)
Valuation
$191M (Nov 2024)
SarvaGram Valuation
SarvaGram is currently valued at $191M, based on its Series D in November 2024.
The $67M round was led by Peak XV Partners, with participation from Temasek, Elevation Capital, TVS Capital Funds and Elevar Equity.
SarvaGram valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2024 | Series D | $191M | 5.8x |
SarvaGram Revenue
SarvaGram's latest recorded revenue is $33M, as of its Series D in November 2024. At a $191M valuation, that implies a 5.8x revenue multiple.
SarvaGram revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2024 | $33M | $191M | 5.8x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
SarvaGram Funding History
SarvaGram has raised a total of $116M across 4 funding rounds.
SarvaGram's first fundraising round was a $4M seed round in February 2020. The most recent completed round was a $67M Series D in November 2024.
SarvaGram funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2024 | Series D | Peak XV Partners (lead); Temasek; Elevation Capital; TVS Capital Funds; Elevar Equity | $67M | $191M | SarvaGram, a Pune-based rural-focused digital lending startup founded in 2019 by Utpal Isser and Sameer Mishra, provides customized loans, insurance products, and farm mechanization services to farm, salaried, and MSE households across Gujarat, Maharashtra, Karnataka, and Rajasthan. The company operates through 150 branches, serving over 100,000 customers with assets under management of Rs 1,200 crore in loans, 70% secured by property collateral, and employs over 2,000 people. Its NBFC arm, Sarva Finance Pvt Ltd (SFPL), where SarvaGram holds a 79.6% stake, turned profitable in FY24 with Rs 7.6 crore profit after tax. On November 14, 2024, SarvaGram raised Rs 565 crore ($67-68 million) in its Series D funding round led by Peak XV Partners, which invested Rs 340 crore, with participation from existing investors Elevar Equity (Rs 68 crore), Elevation Capital (Rs 80.76 crore), Temasek (Rs 45.48 crore), and TVS Capital (Rs 30.78 crore). This brings total funding to Rs 950 crore. The round was structured via issuance of Series D CCPS and equity shares at Rs 2,51,431.22 per share, advised by Avendus Capital, and more than doubled the company's post-money valuation to Rs 1,785 crore ($212 million) from Rs 790 crore ($94 million) in its prior Series C. Funds will support expansion into new states, strengthening presence in existing markets, and enhancing growth and profitability through its household-focused, data-led platform. Peak XV highlighted the founders' 25+ years of experience in rural finance and specialized products bridging access gaps. TVS Capital noted the fundraise positions SarvaGram strongly for continued trajectory amid rising interest in fintech NBFCs. |
| Jan 2022 | Series C | Temasek; Elevation Capital; TVS Capital Funds; Elevar Equity | $35M | - | SarvaGram is India's first household-centric, data-science-led distribution platform providing financial services and farm mechanization facilities to rural India. The company leverages data analytics and on-ground knowledge to serve rural households with multiple loan offerings and productivity-enhancing services. SarvaGram achieved significant traction by FY22, reaching an annual recurring revenue of over Rs 55 crore and assets under management of Rs 172 crore. The company expanded rapidly from taking a year to acquire 1,000 customers in 2019 to onboarding over 1,000 customers within a single month by 2022. SarvaGram operated from 8 hubs and 50 branches across four states (Rajasthan, Karnataka, Maharashtra, and Gujarat) with 220 franchisees. The company announced a Series C funding round on January 3, 2023, with investors including Peak XV Partners, Elevar Equity, Elevation Capital, TVS Capital, and Temasek, though the exact valuation and round size were not publicly disclosed. By FY23, revenue had grown to Rs 70.3 crore, demonstrating continued momentum in the rural fintech lending space. |
| Feb 2021 | Series B | Elevation Capital (lead); Elevar Equity | $11M | - | SarvaGram raised $10 million in its Series B funding round in February 2021, led by Elevation Capital and Elevar Equity. The company operates as a rural household-focused lending and distribution platform in India. This round followed earlier funding and preceded a Series C of $35 million in January 2023 from Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds. |
| Feb 2020 | Seed | Elevar Equity (lead) | $4M | - | SarvaGram is a rural-focused fintech startup providing customized financial and capacity-enhancing products to aspirational rural households in India. It operates through hubs, outlets, and franchise partners known as SarvaMitra, covering thousands of villages across multiple states. Later rounds include a Series B of $10 million in February 2021 led by Elevation Capital and Elevar Equity, a Series C of $35 million with Elevar Equity as the largest investor, and a Series D of INR 565 crore ($67 million) in 2023-2024 led by Peak XV Partners at INR 1,785 crore ($212 million) post-money valuation, more than double the prior INR 790 crore ($94 million). |
Who has invested in SarvaGram?
5 investors have backed SarvaGram across its funding rounds, including Elevar Equity, Elevation Capital, Temasek, TVS Capital Funds and Peak XV Partners.
Lead investors include Peak XV Partners, Elevation Capital and Elevar Equity.
SarvaGram Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Seattle, WA | 4 | Lead | Feb 2020 | |
| Gurgaon | 3 | Lead | Feb 2021 | |
 Singapore | 2 | Participant | Jan 2022 | |
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Start Free TrialSarvaGram Competitors
SarvaGram competitors include listed companies like X Financial and Better Home & Finance, and private ones like Froda, JULO, Qred and Honeycomb Credit.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sweden | Private | - | - | $195M | - | |
 Jakarta | Private | - | - | $200M | - | |
| Stockholm | Private | - | - | $200M | - | |
 China | Publicly listed | $1.1B | $258M | $181M | - | |
| Pittsburgh, PA | Private | - | - | $180M | - | |
| United States | Publicly listed | $207M | ($152M) | $231M | 4.0x |
SarvaGram Public Comps
SarvaGram is still privately-owned, but its public comps include Solvar, X Financial, DeFi Development, Kina Securities, White River Bancshares, Eleving Group, Better Home & Finance, Multitude, Humm Group and Salafin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $135M | $62M | 4.4x | 4.3x | 9.6x | 8.7x | |||
| $1.1B | $258M | 0.1x | - | 0.3x | - | |||
| $11M | ($64M) | 24.3x | 18.3x | (4.3x) | (42.4x) | |||
| $139M | - | 1.6x | 1.8x | - | - | |||
| $57M | - | 2.8x | - | - | - | |||
| $288M | $60M | 2.7x | 2.6x | 12.9x | 5.0x | |||
| $207M | ($152M) | 3.8x | 4.0x | (5.2x) | (11.1x) | |||
| $277M | $33M | - | - | - | - | |||
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Common questions about SarvaGram
| When was SarvaGram founded? | SarvaGram was founded in 2018. |
| Where is SarvaGram headquartered? | SarvaGram is headquartered in Mumbai, India. |
| Is SarvaGram publicly listed? | No, SarvaGram is a private, VC-backed company. |
| What is SarvaGram's valuation? | SarvaGram was last valued at $191M in its Series D in November 2024. |
| How much funding has SarvaGram raised? | SarvaGram has raised $116M across 4 funding rounds. |
| What was SarvaGram's last funding round? | SarvaGram's last funding round was a $67M Series D in November 2024, led by Peak XV Partners. |
| Who are SarvaGram's investors? | SarvaGram's investors include Elevar Equity, Elevation Capital, Temasek, TVS Capital Funds and Peak XV Partners. |
| What is SarvaGram's revenue? | SarvaGram's latest recorded revenue is $33M (November 2024). |
| What is SarvaGram's revenue multiple? | SarvaGram's latest valuation implies a 5.8x revenue multiple ($191M valuation on $33M of revenue). |
| Which companies are comparable to SarvaGram? | Companies comparable to SarvaGram include Froda, JULO, Qred, X Financial, Honeycomb Credit and Better Home & Finance. |
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