In a significant stride towards enhancing its presence in the rural fintech landscape, Navadhan, a Mumbai-based startup, has successfully raised $5 million (Rs 41.7 crore) in its pre-Series A funding round. The funding was spearheaded by Prime Venture Partners, with continued support from existing investors Gemba Capital and Varanium NexGen Fintech Fund.
Founded in 2019 by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru, and Amit Biswal, Navadhan has carved a niche by leveraging data science for an innovative proprietary alternative underwriting model. This model meticulously evaluates digital footprints and cash flow surrogates to make informed lending decisions.
The latest infusion of capital is earmarked to bolster Navadhan’s technological flagship, AceN. The funds will also be directed towards fortifying the startup’s distribution network and refining its delivery model. AceN, Navadhan’s comprehensive platform, provides a spectrum of services, encompassing customer sourcing, digital onboarding, underwriting, payments, and collections.
What sets Navadhan apart is its dual approach – a robust digital platform coupled with a tangible on-ground presence for customer service. This hybrid model allows the startup to cater to the unique needs of rural customers, ensuring a seamless and inclusive financial experience.
This funding round marks Navadhan’s second successful capital infusion in 2023. The company secured $1.5 million in its seed round in June, co-led by Varanium NexGen and Anicut Capital. The consistent backing from investors underscores the confidence in Navadhan’s mission to bridge the financial gap in rural areas through technology-driven financial solutions.
As Navadhan continues its journey, the latest funding injection positions the startup to scale its impact, reaching more underserved communities and transforming the financial landscape in rural India.
