With the help of Serica Angel Fund and UC Impower, the tech-enabled non-banking financial company (NBFC) Swara Fincare successfully received Rs 19.4 crore ($2.3 million) in a Series A funding round.

According to a news release from Swara Fincare, the additional funds will be utilized to advance financial inclusion for micro and small business owners, broaden its network of distribution, create cutting-edge goods, and improve its technological platforms.

Dev Verma, Mukund Madhav, and Sumit Ranjan founded Swara Fincare in 2022 with the goal of offering financial services to people and business owners in rural and semi-urban parts of India. Its options include personalized financing solutions, life, health, and general insurance products, as well as loan account EMI payments and real-time tracking.

Swara Fincare is committed to helping India's budding enterprises and underbanked populace. In order to provide its clients with financial literacy programs, training, and mentorship, the company works in partnership with NGOs, government agencies, and other organizations.

Based in Gurugram, Swara Fincare maintains 45 branches across Uttar Pradesh, Haryana, Rajasthan, Bihar, and Uttarakhand, impacting approximately 35,000 households.

Among the other prominent participants in the NBFC industry are AYEFin, Lendingkart, and Funding Societies.

Commenting on the development via funding, Dev Verma, Co-Founder, Swara Fincare, said, “The stellar and experienced team of UC Impower, coupled with the diversified new age built of Piper Serica forms a partnership, that truly sets the stage for Swara to navigate its next phase of evolution. Our focus will be on people, governance, and technology-driven risk framework in building a robust institution, and this alliance is set out to make it happen! For a startup, this is a huge validation and our team is excited, to be a part of it!”

Speaking about the partnership, Mona Kachhwaha, Co-founder and Partner, UC Impower said, "Swara's in-depth understanding of the micro-enterprise segment, strong risk practices, and operational expertise makes this an exciting partnership for us. Their vision of enhancing livelihoods, particularly for under-served women entrepreneurs, aligns perfectly with our impact goals. We look forward to working with Swara to bring about the next wave of financial inclusion in rural and semi-urban India."