Avanti Finance Completes Series A and Debt Funding Cycle; Increases INR 306 Cr
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Bengaluru-based Avanti Finance, a technology-focused, financial inclusion-focused NBFC, announced on Thursday that it had raised $ 15 million (INR 111 crore) in Series A2 from existing investors Oikocredit, Nomura, the Bill Foundation. & Melinda Gates, and the Dr KR Shroff Foundation. With this, they completed their Series A and debt financing round, which raised a total of $ 41 million (INR 306 crore).
Avanti will use the funds to strengthen its advanced technology platform, strengthen data science, improve its product line and expand its team to enable unprecedented access to affordable credit and financial empowerment to millions of households. unserved and underserved in India. It will further strengthen its ecosystem to partner with mission-aligned social enterprises and foundations, financial institutions, business correspondents and agricultural technology innovators across the country, who can leverage the platform of Avanti to serve users in a digital-first way ensuring scale and sustainability.
“The Avanti team is enthusiastic and ready to accelerate our mission. We are grateful to our board of directors and investors for having trusted our unique business model to democratize credit to the next 100 million households and make every loan a story of impact, ”said Rahul Gupta, CEO of Avanti Finance.
Avanti has built a digital platform that facilitates a paperless, presence and cashless approach to lending that will reduce costs and friction for unserved and underserved segments, especially in rural India. Avanti partners with a diverse set of organizations with strong roots in local communities to deliver hyper-local and livelihood sustainability-focused lending products. It has built a strong proof of concept in 21 states spanning over 200 districts and further expanding its footprint. Avanti uses its own balance sheet and partners with other capital providers who share the mission of enabling financial inclusion of those most in need, the platform said.
Unitus Capital acted as exclusive financial transaction advisor to Avanti and Abhiraj Krishna Associates acted as legal advisor to Avanti.