A fintech-focused fund called Varanium NexGen led a $1.5 million seed round for the rural fintech startup Navadhan. Anicut Capital, an existing investor, and Gemba Capital jointly led the round.
Anicut, BOPA, Flowstate, and well-known angel investors like Prasanna Rao (Arya.ag) and Sarah Djari (Impact Fintech PE) previously provided pre-seed funding to the startup. As of right now, Navadhan has raised a total of $16 million in equity and debt lines.
The money will be used to develop and improve AceN Tech’s platform, according to Navadhan.
Navadhan, a platform for seamless connections between rural small businesses (MSMEs) and NBFCs and Banks, was founded by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru, and Amit Biswal. Navadhan claims to have enrolled over 2 lakh customers and distributed over Rs 100 crore through a network of 15 lenders, including Ugro, Vivriti, Northern Arc, Caspian, Unitus, and TruCap.
Varanium NexGen makes investments in early-stage fintech startups. It offers a variety of offshore products, alternative investments, and portfolio management services. EaseBuzz, Riskcovery, GetVantage, DataSutram, and FinVu are just a few of the companies in its portfolio. Easebuzz, a startup in the payments infrastructure space, is in advanced discussions to raise $15–20 million in a fresh round. Last week, Entrackr was the only outlet to report the development.
