Avanti Finance raises $26m funding and 12 more India deal updates

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.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)IndustryVerticals
Avanti FinanceBengaluru26 millionSeries AOikocredit, Nomura, the Bill and Melinda Gates FoundationPratul Shroff, NRJN TrustFinancial ServicesFintech Lending
Spinny Gurugram65 millionSeries CGeneral CatalystArena Holdings, Think Investments, Elevation Capital, Fundamentum PartnershipAutomobiles Other Vehicles & PartsE-commerce
WOW Skin Science India LtdBengaluru50 millionPrivate EquityChrysCapital-Consumer ProductsBeauty & Hygiene
OfBusinessGurugram110 millionSeries DFalcon Edge CapitalMatrix Partners India, Creation Investments, Norwest Venture PartnersFinancial ServicesFintech
GupshupMumbai100 millionSeries FTiger Global Management,-Information ServicesSocial Media
ShareChatBengaluru502 millionSeries ELightspeed Ventures, Tiger GlobalTwitter, Snap IncInternetSocial Media
GrowwBengaluru83 millionSeries DTiger Global Management,Sequoia Capital India, Ribbit Capital, YC Continuity, Propel Venture PartnersFinancial ServicesFintech
Superpro.aiBengaluru300,000SeedIvyCap Ventures Angel FundPenthalon Ventures, ah! Ventures, SOSVSoftwareAI and Machine Learning
Goseeko TechnologiesMumbai--Digital Futurists Angels Network-Education/TrainingEdTech
iBus NetworksBengaluru21 millionPrivate EquityMorgan Stanley India Infrastructure-IT Infrastructure-
Puresh DailyRanchi160,642SeedDhianu Das (Alfa Ventures), Agility Venture Partners-FoodE-commerce
OneCardPune10 millionSeries BQED FundOcean View Investments Financial ServicesFintech
WinZoGamesDelhi9.5 millionDebtCourtside Ventures, Makers Fund, The Stuart Partners-Travel & LesiureeSports

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.