Technology-led NBFC Avanti Finance raises $24M in Series B round
The funding will support Bangalore-based Avanti's mission to provide frictionless, affordable, and hyperlocal credit products to smallholder farmers in India, enabling them to build sustainable livelihoods.
Technology-led non-bank finance company (NBFC) Avanti Finance Private Limited has received $24 million in a Series B round of funding from a couple of investors along with existing investors.
In the latest round, Rabobank Group's unit Rabo Partnerships and IDH Farmfit Fund participated. Existing investors Oikocredit and NRJN Trust also put in money.
According to a statement, the funding will support Bangalore-based Avanti's mission to provide frictionless, affordable, and hyperlocal credit products to smallholder farmers in India, enabling them to build sustainable livelihoods.
India vs Australia Free Live Streaming: When and How to watch IND VS AUS 2nd ODI Series live on TV, mobile apps online
Asian Games 2023 Opening Ceremony Live Streaming: When and where to watch Asian Games live in India on TV, online mobile apps
India vs Australia LIVE Score, 2nd ODI Match Updates: 1-0 up Team India eye unassailable lead against Aussies in Indore
"The investment in Avanti is in line with Rabo Partnerships' 'smallholder ecosystem' strategy, which focuses on providing data-driven finance solutions to smallholder farmers through local cooperatives and service providers. Rabo Partnerships is focused on financial inclusion and rural development," the company's statement said.
Avanti offers a digital delivery strategy based on a paperless, presenceless, and cashless approach to lending. The company seeks to empower the next 100 million families and allow sustainable lifestyles through easily accessible and reasonably priced financial services. Currently, it is mainly focusing on offering micro-loans to facilitate the construction of sustainable means of subsistence.
“This investment will support ongoing investments in our deeptech platform to develop fit-for-purpose hyperlocal credit products, automated data, and social signals-driven underwriting for data-dark customers, amplify our partnership network and accelerate co-lending programs with other financial institutions for capital efficiency,” said Rahul Gupta, chief executive officer (CEO) at Avanti Finance.
Before the latest funding, Avanti had raised$15 million as part of its Series A extended round in October 2021.
Avanti was founded in 2016 and claims to co-create over 180 customised loan products to cater to different types of livelihood and income flows. It has around 75 partners like social enterprises and business correspondents in 24 states and 300 districts across the country.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
India is the most expensive stock market in the world, says V K Vijayakumar of Geojit Financial Services