Avanti plans to use the funds to strengthen its deep tech platform, boost data science, expand its product suite, and expand its team in order
Bengaluru based Avanti Finance (“Avanti”), a technology-led NBFC focused on financial inclusion, has further raised US$ 15 million (INR 111 crores) in Series A2 from existing investors Oikocredit, Nomura, The Bill & Melinda Gates Foundation and K R Shroff Foundation. With this, they have completed their Series A and debt funding round, which raised a total of US$ 41 million (INR 306 crores).
Avanti plans to use the funds to strengthen its deep tech platform, boost data science, expand its product suite, and expand its team in order to provide unprecedented access to affordable credit and financial empowerment to millions of unserved and underserved households in India. It will further strengthen its ecosystem by partnering with mission-aligned social enterprises and foundations, financial institutions, business correspondents, and agtech innovators across the country who will be able to leverage Avanti’s platform to serve users in a digital-first manner, ensuring scale and sustainability.
“The Avanti team is excited and ready to accelerate our mission. We are grateful to our Board and investors for reposing their faith in our unique business model to democratise credit to the next 100 million households and make every loan an impact story,” said Rahul Gupta, CEO, Avanti.
Lalitesh Katragadda, Chief Product & Technology Officer, Manish Thakkar, Chief Operating Officer, Sunil Kumar Tadepalli, Chief of Partnerships, and Rahul Gupta, Chief Executive Officer make up Avanti’s leadership team. They have extensive international experience in technology, investment banking, strategy and leadership consulting, and financial services.
Avanti has created a digital platform that enables a paperless, presence-less, and cashless approach to lend, lowering costs and friction for unserved and underserved segments, particularly in rural India. Avanti collaborates with a diverse set of organisations with deep roots in local communities to provide hyperlocal loan products focused on livelihood sustainability. It has established a strong proof of concept in 21 states, covering over 200 districts, and is expanding its footprint. Avanti operates on its own balance sheet and collaborates with other capital providers who share the goal of enabling financial inclusion for the most vulnerable.
Source: Business World