The pre-Series A round led by Prime Venture Partners has seen $5 million, or Rs 41.7 crore, raised by the fintech startup Navadhan, which focuses on rural areas. The company’s current backers, Varanium NexGen Fintech Fund and Gemba Capital, also participated in the round.
The money raised will be put toward expanding AceN, the company’s technological platform, as well as its delivery and distribution strategies.
Navadhan is a 2019 startup founded by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru, and Amit Biswal. Its proprietary alternative underwriting model, which evaluates the digital footprint and cash flow surrogates, uses data science.
End-to-end services like customer sourcing, digital onboarding, underwriting, payments, and collections are provided by Navadhan’s AceN. To better serve its customers, the startup keeps a physical presence in addition to its digital platform.
This is Navadhan’s second funding round for 2023. The Mumbai-based company raised $1.5 million in June during its seed round, which was co-led by Anicut Capital and Varanium NexGen.
