Avanti Finance, a tech non-bank finance company (NBFC), secured $24 million (roughly 197 crore) in funding from IDH Farmfit Fund and Rabo Partnerships, a fully-owned subsidiary of the Rabobank Group. Oikocredit and NRJN Trust, two previous investors, also participated in the fundraising.
The technology-driven non-bank finance company stated that it will use the funds, among other things, to improve its deeptech platform and widen its partnerships, as per reported by VCCircle.
“This investment will support ongoing investments in our deeptech platform to develop fit for purpose hyperlocal credit products, automated data and social signals driven underwriting for data-dark customers, amplify our partnership network and accelerate co-lending programs with other financial institutions for capital efficiency,” said Rahul Gupta, chief executive office at Avanti Finance.
Through easily accessible and reasonably priced financial services, Avanti seeks to empower the next 100 million households and enable sustainable livelihoods. It is developing a co-creation platform that encourages mass personalization and innovation in hyperlocal livelihoods.
“We believe in Avanti’s vision of financial inclusion, especially for the agricultural sector, where access to appropriate financial services remains a challenge for many,” said Marianne Schoemaker, CEO, Rabo Partnerships.
“This investment supports our strategy of promoting finance solutions through local cooperatives and service providers, which is close to our roots as a cooperative bank,” she added.
Avanti is a digital financial inclusion platform with an NBFC and MFI licence that aims to provide affordable financial services to 100 million underserved and unserved households. Through their philanthropic funding, Mr. Ratan Tata and Mr. Nandan Nilekani co-founded the business.