Elevar Equity
Elevar Equity is a private equity and venture capital firm that provides early-stage and growth capital to high-potential, impact-focused companies. It concentrates on businesses that serve low-income customers in emerging markets, including financial services, education, healthcare, housing, agriculture, and MSMEs, with a particular emphasis on scalable, affordable distribution models for the base of the pyramid. The firm supports a range of sectors, notably fintech, education and employability, market linkages, and housing, aiming to deliver both meaningful social impact and financial returns. Elevar typically takes minority or majority stakes and pursues long-term partnerships with entrepreneurs. Founded in 2006 and headquartered in Seattle, it operates additional offices in San Francisco, Bangalore, Ebene, Bogota, and Mexico City, reflecting a multi-regional footprint across India, Latin America, and Southeast Asia. Its investment approach centers on human-centered solutions that connect underserved customers to essential products and services, with a focus on sustainable growth and measurable impact.
Top Stages
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Past deals in SME
SarvaGram
Series D in 2024
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.
TapFin
Seed Round in 2024
Tapfin is a sustainability platform that focuses on offering several services, including financing and insurance, to startups and micro, small, and medium enterprises (MSMEs) in the sustainability ecosystem.
StrideOne
Seed Round in 2022
StrideOne offers tailored financial solutions to startups and small-to-medium enterprises (SMEs), focusing on innovative credit structures and flexible working capital options to facilitate sustainable growth.
SarvaGram
Series C in 2022
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.
Indifi Technologies
Series D in 2021
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
SarvaGram
Series B in 2021
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.
Nuvemshop
Series C in 2020
Nuvemshop provides entrepreneurs and SMBs with the tools to set up, manage, and promote their online businesses easily from any device.
With the suite of tools around payments, shipping, inventory management, and marketing provided by the company, owners are enabled to participate in the e-commerce market, ramp up their sales, reduce costs, and provide their end customers with a shopping experience.
In 2011, co-founders Alejandro Alfonso, Santiago Sosa, Jose Abuchaem, Martin Palombo, and Alejandro Vazquez established Nuvemshop in 2011.
SarvaGram
Seed Round in 2020
SarvaGram Fincare Private Limited is a fintech startup based in Mumbai, India, established in 2018. The company specializes in providing financial services to individuals and small enterprises in rural and semi-urban areas. SarvaGram offers a range of loan products, including gold loans, consumer durable loans, farm loans, and business loans, aimed at enhancing the economic potential of rural households. By utilizing a data science-enabled platform, SarvaGram assesses the financial viability of these households through an in-depth understanding of their cash flow, balance sheets, and diverse income streams. The company focuses on serving underserved communities, facilitating access to credit and productivity enhancement tools, thereby supporting livelihood improvements for aspiring households and small to medium businesses.
Indifi Technologies
Series C in 2019
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Samunnati
Series D in 2019
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
Varthana
Series C in 2018
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Samunnati
Series C in 2018
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
Nuvemshop
Series B in 2017
Nuvemshop provides entrepreneurs and SMBs with the tools to set up, manage, and promote their online businesses easily from any device.
With the suite of tools around payments, shipping, inventory management, and marketing provided by the company, owners are enabled to participate in the e-commerce market, ramp up their sales, reduce costs, and provide their end customers with a shopping experience.
In 2011, co-founders Alejandro Alfonso, Santiago Sosa, Jose Abuchaem, Martin Palombo, and Alejandro Vazquez established Nuvemshop in 2011.
Samunnati
Series B in 2017
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
Indifi Technologies
Series B in 2016
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Covalto
Seed Round in 2016
Covalto is a Mexican financial services company that serves small and medium enterprises with credit, banking and analytics solutions. It offers a multi-product lending platform that provides agile and fair credit, factoring and leasing, complemented by a digital SME banking platform and a suite of business analytics tools. The company leverages digital tax, e-invoice and other financial data to underwrite and service SMes at scale, using credit models that emphasize overall business performance rather than relying solely on the owner's personal credit history. Covalto was founded in 2015 and is based in Mexico City. In 2021 it became the first fintech in Mexico to acquire a regulated bank, enabling expanded digital SME banking and services. The approach focuses on accessible credit that supports business growth through transparent, data-driven decisions.
Covalto
Convertible Note in 2016
Covalto is a Mexican financial services company that serves small and medium enterprises with credit, banking and analytics solutions. It offers a multi-product lending platform that provides agile and fair credit, factoring and leasing, complemented by a digital SME banking platform and a suite of business analytics tools. The company leverages digital tax, e-invoice and other financial data to underwrite and service SMes at scale, using credit models that emphasize overall business performance rather than relying solely on the owner's personal credit history. Covalto was founded in 2015 and is based in Mexico City. In 2021 it became the first fintech in Mexico to acquire a regulated bank, enabling expanded digital SME banking and services. The approach focuses on accessible credit that supports business growth through transparent, data-driven decisions.
Varthana
Series B in 2016
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Indifi Technologies
Seed Round in 2015
Indifi Technologies is an Indian digital lending platform that connects small businesses with multiple lenders to secure debt financing. The platform employs automated data collection and analysis to assess creditworthiness, drawing insights from diverse data sources and industry context to identify low-risk, high-promise borrowers. By presenting loan options from a network of lenders, Indifi helps businesses obtain financing without collateral and supports lenders with lifecycle services such as marketing, CRM, loan monitoring, and payment management. The platform serves sectors including e-commerce, travel, hospitality, retail, and trading, supporting growth for small enterprises.
Vistaar
Series D in 2015
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Samunnati
Series A in 2015
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
Samunnati
Seed Round in 2015
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
Varthana
Series A in 2014
Varthana is a financial services company that partners with committed education entrepreneurs to enhance access to quality education for underprivileged communities. It offers tailored loans for infrastructure development, teacher training programs, and other educational initiatives in low-cost private schools.
Vistaar
Series C in 2014
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Vistaar
Series B in 2012
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Vistaar Finance
Series B in 2012
Vistaar Finance designs and delivers customized loan products to small businesses, tailoring loan amounts and tenors to fit industry needs. The company focuses on dominant livelihoods in specific markets, including textiles and power looms, and provides non-banking financial services to attract mainstream capital and resources. By serving carefully chosen segments, it helps clients improve their economic output through strategic planning and credit support. Vistaar Finance was established in 2010 in Bengaluru, Karnataka, by Brahmanand Hegde.
Swadhaar FinServe
Venture Round in 2010
Swadhaar FinServe, based in Mumbai, specializes in providing financial services to economically active poor individuals and businesses in urban and semi-urban areas. As a pioneer in individual lending within the Indian context, the company demonstrates that microcredit can be effectively delivered even in challenging urban environments. Swadhaar FinServe offers a range of services including individual loans, business loans, insurance, and financial education, aimed at empowering under-served households and micro-entrepreneurs. By addressing the financial needs of the urban poor, Swadhaar FinServe seeks to enhance financial security and help clients achieve their aspirations, ultimately creating a scalable lending methodology that can be replicated in other major cities. The company was established by the promoters of Swadhaar FinAccess, its associated non-profit organization.
Vistaar
Series A in 2010
The idea of Vistaar dawned on the minds of two first generation entrepreneurs, who truly believe in supporting and creating new economic opportunity through providing access to finance, to deserving small business men, to enhance and enrich their lives and the community they live in. The Company targets the missing middle segment, consisting of customers with an annual income of Rs 120000-10,00,000, which is not effectively served by the formal financial system.
Grama Vidiyal Micro Finance
Venture Round in 2009
Grama Vidiyal Microfinance is a prominent microfinance institution in Tamil Nadu, specifically operating in Trichy and Chennai. It specializes in providing small, collateral-free loans to women who lack access to formal credit. The organization is committed to empowering women from impoverished families by facilitating their inclusion in community networks and enhancing their social, economic, and political standing. In addition to its loan offerings, Grama Vidiyal also provides insurance services, supporting individuals in meeting their general, seasonal, and business financing needs. Through its focused approach to poverty alleviation, Grama Vidiyal aims to foster sustainable development within the communities it serves.
Madura Microfinance
Venture Round in 2008
Madura Microfinance is a microfinance institution serving economically active rural women, primarily in Tamil Nadu. It provides unsecured microfinance loans to women self-help groups in rural and semi-urban areas, offering both individual and group loans. The organization enhances financial inclusion through knowledge and information services to help raise household and small business incomes for its clients across rural and semi-urban locations in Tamil Nadu, Maharashtra, Karnataka, Kerala, Bihar and Orissa.
MokshaYug Access (MYA)
Venture Round in 2008
MokshaYug Access (MYA) is a supply chain solutions company focused on enhancing income certainty for rural producers, particularly in the agricultural sector. The company operates by establishing strong relationships with rural producers and implementing yield improvement programs that increase the quality of agricultural outputs. MYA also develops procurement and transportation infrastructure, effectively linking rural producers to urban consumers. Through these initiatives, the company aims to ensure that rural producers receive a fair share of the end consumer value, ultimately creating wealth and promoting sustainable economic growth in rural communities.
Bharat Financial Inclusion
Series C in 2008
Bharat Financial Inclusion Limited is a non-banking financial company and microfinance institution headquartered in Hyderabad, India. Founded in 1997 and formerly known as SKS Microfinance Limited, the company specializes in providing microfinance services primarily to women in rural areas, who are organized into Joint Liability Groups. It offers a range of financial products, including income generation, mid-term, and long-term loans to support small business ventures such as livestock raising, retail operations, and tailoring. Additionally, Bharat Financial Inclusion provides loans for essential household items like cook-stoves, solar lights, bicycles, and sewing machines. The company also distributes life insurance products to its members. As of March 31, 2018, Bharat Financial Inclusion operated 1,567 branches across India, serving a demographic that typically lacks access to traditional banking services.
Credex
Venture Round in 2006
Credex is a profit oriented microfinance institution dedicated to offering financial support for the economic and social development of those unserved by the traditional banking system. Credex targets low-income borrowers through individual productive loans in the poor urban and semi-urban areas and village banking in the rural areas of Mexico.
Samunnati
Founded in 2014, Samunnati operates an open agri network in India, focusing on enhancing efficiency and inclusivity within agricultural value chains. It offers integrated financial intermediation, market linkages, aggregation support, and advisory services through a technology-enabled ecosystem, benefiting smallholder farmers, farmer collectives, and agri enterprises.
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