Avanti Finance, a technology-led non-banking finance company, has raised $26 million in a Series A debt and equity funding round led by social impact investor Oikocredit, Bill and Melinda Gates Foundation, and Nomura.
Technopreneur-cum-philanthropist Pratul Shroff and existing investor NRJN Trust also participated in the round.
Avanti will use the funds to further invest in its digital tech platform and expand its cashless approach to help reach the unbanked across India, according to a statement.
“Our deep tech platform, combined with our partner ecosystem is designed for scalability and sustainability with a vision of empowering the next 100 million households,” Avanti Finance CEO Rahul Gupta said.
Founded in 2016 by Ratan Tata and Nandan Nilekani, Avanti partners with a diverse set of organisations that have strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability. The fintech company currently works in 15 states, covering 112 districts.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India from April 7-11, 2021.