Navadhan Secures Rs 111 Cr Funding To Offer Loans To Rural MSMEs

Navadhan, a Rural India-focussed fintech startup, has raised Rs 111 Crore ($12.8 Mn) as a part of its Series A funding round led by NabVentures, a venture capital arm of National Bank for Agriculture and Rural Development (NABARD).

The funding round was co-led by Prime Ventures, with participation from LNB Group and existing investors Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid and Anicut.

The startup initially aimed to raise Rs 80 Cr but ended up securing Rs 111 Cr due to high demand.

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Navadhan plans to use the funds to grow its business, improve its tech platform AceN, expand its reach and diversify its loan offerings.

Over the past three years, Navadhan has completed four funding rounds. The latest Rs 111 Cr Series A funding will support business growth and improve its AceN tech platform.

“We are happy to find investors who share our mission of creating new-wealth (Nava-dhan) for the rural-preneurs… We are very excited now to have NabVentures since rural-MSMEs is our core customer segment. Also, happy to have support from LNB family office with a vantage of running seasoned businesses in India,” said Navadhan cofounder Nitin Agrawal.

Prime Ventures’ Shivani Kulkarni said, “We partnered with Navadhan Capital a year ago and have been consistently impressed by the team’s execution, even amidst challenging conditions in the financial services sector. Its an honor to partner with you Nitin Agrawal Vijay Haswani Anirudh Ramakuru Amit Ranjan Biswal."

About Navadhan

Founded in 2019 by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru and Amit Biswal, Navadhan’s AceN platform provides services like customer sourcing, digital onboarding, underwriting, payments and collections.

It has over Rs 700 Cr in debt lines from 25+ banks and NBFCs, enabling seamless API integrations.

As an NBFC, Navadhan connects small businesses and microenterprises with banks, using a data-driven underwriting model to assess borrowers' digital footprint and cash flow.

The company operates across 700 pin codes in five states: Madhya Pradesh, Rajasthan, Gujarat, Karnataka and Odisha.

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