Bengaluru, April 8 (IANS) Bengaluru-based Avanti Finance, a technology led non-banking financial company (NBFC), has raised $26 million (nearly Rs 195 crore) in debt and equity from Oikocredit, Nomura and the Bill and Melinda Gates Foundation.
Technopreneur cum philanthropist Pratul Shroff and existing investor NRJN Trust also participated in the round.
Avanti will use the funds to strengthen its platform and expand its presence to accelerate livelihoods purpose credit and other financial products to the next 100 million unserved and underserved households in India, the company said on Wednesday.
“We are excited and humbled to have this consortium of marquee investors partner with Avanti in our goal of building a population scale platform to usher in the next era of financial inclusion,” Rahul Gupta, CEO of Avanti, said in a statement.
“One that will be digital-first and empower our users towards stronger financial health and economic opportunities.”
The company said it has built a digital platform that facilitates a “paperless, presence-less, and cashless” approach to lending.
Avanti partners with a diverse set of organisations with strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability.
It has built a proof of concept in 15 states covering 110 districts and further expanding its footprint.
“We anticipate technology to play a transformational role in the way financial services are accessed, especially by the low-income segments,” said Anirudh Sarda, Equity Officer at Oikocredit.
“Avanti’s vision and mission are deeply aligned with our principle of promoting sustainable development through responsible financial services. We are excited to partner with Avanti and take financial inclusion to the next level with this equity investment.”