Navanc Data Sciences Pvt. Ltd has raised $300k in its seed funding round from leading angel investors.
The round also saw participation from Kunal Shah (founder of CRED), QED Innovation Labs, Chattanathan D (Founder of Arya.ag), Samit Shetty (Founder of Chaitanya Microfinance and Former CEO of NaviFinserv), Subramanya SV (Founder of Fisdom), and Vinay Bhat led group of techie angels.
The new funds will help the company prepare products to go to market and hire engineers.
The Bengaluru-based Navanc was founded in 2021 by Nagachethan S M, It provides complete information about the property or assets under consideration and is intended to provide real time information on the goodwill of the property.
The startup is currently testing its product through institutional tie-ups with major financial institutions, including a large HFC and a small finance bank
The startup has previously been part of accelerator programs such as the ShelterTech Accelerator at Habitat for Humanity and the Brigade Real Estate Accelerator Program (Brigade REAP).
In addition, it was also a financial inclusion champion as part of the Inclusion Initiative, a program run by IIM Ahmedabad-based Startup Accelerator.
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“Land and Home as an asset class is the second largest in India next only to Gold, yet this asset class is highly under leveraged. India’s mortgage based loans such as Home Loans, Working Capital Loans and Business Loans are prone to tedious processes and customers are always unaware of asset’s creditworthiness. Financial Institutions are many a times sceptical of asset’s disposability as a result the loans get stranded as bad debt on their books”, said, Nagachethan S M, Founder of Navanc.
“At Navanc, we are creating India’s first comprehensive credit score mechanism to the assets possessed by an Individual and help him/her leverage the same financially. Hence, we are building lifetime value (LTV) instead of the now popular loan to value (LTV). The product would also add a significant value for financial credit access in rural and semi-urban areas”, he added.
India’s First Ever Full Stack One Stop Solution to Underwrite Mortgages In India.
Building India’s First Asset Creditworthiness Platform. Accelerated at Bharat Inclusion Initiative, CIIE.Co (IIMA), Brigade REAP Accelerator & ShelterTech Accelerator.