SarvaGram Fincare Pvt Ltd has raised $10.5 million (Rs 76.32 crore) as part of its Series B funding round. The round was headed by Elevation Capital (formerly SAIF Partners), SarvaGram said in a statement. Existing investor Elevar Capital also took part in this round. The organization will be using the new funds to grow, introduce new offerings and update its technology platform.

SarvaGram, established in November 2018 by Utpal Isser and Sameer Mishra, says that it has established and deployed proprietary tools, including scorecards, for different consumer segments to automate lending decisions. The organization has partnered with rural households to support digital payments since the pandemic.

Isser, former student of the Institute of Rural Management Anand, has worked for the rural banking division of ICICI Bank for almost two decades. Mishra, an MBA from Kanpur University, has served with Fullerton India. He also led the rural sector of Adani Capital.

Sarvagram Fincare Private Limited is classified as Non-govt company and is registered at Registrar of Companies, Mumbai. Its authorized share capital is Rs. 55,000,000 and its paid up capital is Rs. 47,006,568. It is involved in other financial intermediation. SarvaGram aims to enable livelihood up-gradation for aspiring households based in Rural and Semi-urban India.

Elevation Capital is a seed and early-stage investor in consumer internet, financial services, logistics, SaaS (software as a service), consumer brands and B2B (business-to-business) services. Formerly known as SAIF Partners, the 20-year-old company closed its seventh consecutive $400 million fund in October last year. The latest fund brings the company's total assets under control to more than $2 billion.