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[Funding alert] Rural-Fintech Startup Navadhan Secures $1.5mn from Varanium, Anicut

By Viestories
New Update
Rural-fintech startup Navadhan has raised USD 1.5 million in Seed round led by Varanium NexGen, a fintech focussed fund. Existing investor Anicut Capital co-led the round where Gemba Capital also participated.
Navadhan founding team

Rural-fintech startup Navadhan has raised USD 1.5 million in Seed round led by Varanium NexGen, a fintech focussed fund. Existing investor Anicut Capital co-led the round where Gemba Capital also participated.

Last year, the startup had raised pre-Seed funding from Anicut, BOPA, Flowstate and other angels like Prasanna Rao (Arya.ag), Sarah Djari (Impact Fintech PE). With the current round, Navadhan has raised a total funding of USD 16mn in equity and debt lines with NBFC partners.

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Navadhan will use the funds to further build its AceN Tech platform. The platform connects rural small businesses (MSMEs) with NBFCs and Banks. It has enrolled over 2 lac customers and disbursed over Rs.100cr in partnership with 15 lenders like Ugro, Vivriti, Northern Arc, Caspian, Unitus and TruCap.

Speaking about the development, Nitin Agrawal, Founder CEO of Navadhan, mentioned, "We are a tech-led and revenue-first fintech. Our mission is to help create new-wealth for the rural small-entrepreneurs by solving for their challenges. We are leveraging Tech using alternative-credit, predictive analytics backed by data sciences. With both Tech and People on-ground, we are making it work for the NBFCs and Banks to generate priority sector assets. The new fund raise will add tailwinds to our growth plans. As the Smart-phone and UPI penetration improves, we have an early mover advantage in the rural markets.”

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The platform offers a seamless digital onboarding experience, simplifying the customer journey and eliminates paperwork. With the power of data-sciences, Navadhan's proprietary alternative-underwriting model assesses the digital footprint and cashflow surrogates. This solves for lack of income proofs and documents which has kept the Banks away from such markets. This innovative approach addresses the challenges of the predominantly cash-based economy and limited banking track record in rural markets.

Navadhan was co-founded by Nitin Agrawal along with 3 teammates – Vijay Haswani, Anirudh Ramakuru and Amit Biswal. Nitin saw the recent surge of digitisation as an opportunity to build a tech-led finance platform. This comes from his 2 decades of experience with stint at ICICI Bank leading Product-Tech for micro-banking and agri-channel finance. He was also involved in setting up rural finance business for Fullerton India. In recent past, he also served as CEO of Spandana Sphoorty, a listed NBFC-MFI.

Smart phone and internet penetration is projected to increase by 44% by 2030, with significant growth expected in rural areas. As the number of UPI transactions inches towards the $4 trillion mark, most of the future growth will come from rural markets. Navadhan is well-positioned to leverage the surge in mobile usage, data connectivity, and UPI transactions.

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Speaking about the development, Aparajit Bhandarkar of Varanium NexGen mentioned, “India is growing and Rural markets are not far behind. While most of the fintech space is focussed at Tier-1,2,3, we saw Navadhan’s focus on the informal market as a potential high-growth area. Navadhan’s founders are seasoned professionals with credible experience in financial services. With the right TAM, Team, Tech, and Traction, they are building an early mover’s advantage in rural-markets. Tech-led approach gives non-linear scalability to their model. We see Navadhan as a potential market leader in making.”

Looking to the future, Navadhan plans to introduce new solutions and offerings. This includes credit limits for small businesses and tech tools for digitizing un-organized value chains. Another identified area of high social impact is to propagate Climate Smart Agri practices among its rural-customer base.

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About Navadhan

Navadhan Capital Private Limited (Navadhan) is Rural-Fintech startup with an NBFC licence from RBI. Navadhan was founded by industry veteran, Nitin Agrawal, along with co-founders Vijay Haswani, Anirudh Ramakuru, Amit Biswal besides Sanku Lahiri, and Varun Mishra. The team brings together extensive experience in financial services, credit risk, business development, finance partnerships and technology. Navadhan aspires to become the largest finance platform for Rural India by connecting NBFCs/ Banks with Small Businesses/ Microenterprises (MSMEs) through the sourcing and servicing of loans and other financial services.

About Varanium

Varanium NexGen is a Fintech focused (SEBI registered CAT I AIF) Venture Capital Fund established in 2019 with Fund size of INR 140 Crs. It invests in fintech startups with early revenues. Varanium has earlier invested in Fintechs like EaseBuzz, Riskcovery, GetVantage, DataSutram and FinVu. Varanium NexGen is part of Varanium Capital Advisors Pvt. Ltd. which is a Global Multi-Asset Boutique Asset Manager- focused on Emerging Market Strategies managing more than 1 Bn USD. Its services include Portfolio Management and Advisory, alternate investment and other offshore products.

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Read the Next Article

Top 14 Indian Paint Brands in 2024

The paint sector in India has undergone remarkable expansion and evolution, making a substantial impact on the country's infrastructure advancement, interior design preferences, and overall visual allure. Undoubtedly, the leading paint brands in the nation have been pivotal in this achievement. With the domestic paint industry carrying a valuation of Rs. 50,000 crores, it's noteworthy that decorative paints encompass a significant 75% share of this market.

By Viestories
New Update

Top 14 Indian Paint Brands in 2024

India's infrastructure sector is expanding rapidly. With new buildings being constructed rapidly. However, no infrastructures is incomplete without proper paint. Paint not only enhances the aesthetic appeal of a building but also provides visual satisfaction.

The Indian paint industry is valued at approximately 50,000 crore rupees and is considered one of the fastest-growing industries in Asia. It provides a wide range of  products such as distemper, oil paint, acrylic paint, plastic paint, latex paint, emulsions, and more. In India there are lots of paint industries. In this article we will see some of the best paint companies in india.

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14 Best Indian Paint Brands in 2024

Here is the list of the top Indian paint brands:

1. Asian Paints

Founded in 1942, Asian Paints stands as India's foremost paint enterprise and ranks as Asia's third-largest in the industry.
Top 10 Indian Paint Brands | Asian Paints

In India's paint industry, Asian Paints is the biggest company in the country and the third-largest in Asia. It was Founded in 1942 by four friends - Chimanlal Choksi, Champaklal Choksi, Suryakant Dani, and Arvind Vakil. Its headquarters is situated in Mumbai, India.

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It is one of the top leading companies in paint brands with a revenue of Rs.34,488 crores, it is the top paint company in India. It specialises in producing a wide range of paints, for both decorative and industrial purposes. Additionally, as the parent company of Berger International, its has extended its presence globally.

Their services are available in more than 19 countries, Asian Paints has made remarkable progress in revolutionising the paint industry and is widely regarded as the best paint brand in India. Committed to excellence, the company has founded the Asian Paint Colour Academy, which provides comprehensive training programs for paint applicators, ensuring their skills align with the company's high standards.

What distinguishes Asian Paints is its dedication to innovation and customer-focused solutions. By launching creative Initiatives such as Colour Worlds, Home Solutions, ColourNext, and Kid's World, the company seeks to transform homes and spaces worldwide, providing customers with unique and immersive experiences.

2. Indigo Paints

Founded in 2000, Indigo Paints had a modest inception. Exterior Emulsions, Interior Emulsions, Distempers, and Primers are the products of the company.
Top 10 Indian Paint Brands | Indigo Paints

Indigo Paints  was founded in 2000. In the starting days they produce low-cost cement paints. Over time, it expanded its product range to include various types of water-based paints, like Exterior Emulsions, Interior Emulsions, Distempers, Primers, and more.

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Indigo Paints was established in March  2000 and now it is in the top ten paint companies. Headquartered in Pune, the company provides a wide range of products including Interior emulsions, exterior emulsions, enamels, putties, primers, and more.

Currently, indigo Paints is regarded as one of the strongest competitors in the Indian paint market. It has built a reputation as an inventive paint manufacturer, consistently introducing new and unique products not before available in the country.

3. Kansai Nerolac Paints

Kansai Nerolac Paints, the premier paint brand in India, was founded in 1920 and operates from Mumbai, Maharashtra.
Top 10 Indian Paint Brands | Kansai Nerolac Paints

Mumbai-based Kansai Nerolac Paint Ltd founded  in 1920. The company provides a range of products such as Decorative paints, coatings, industrial (re)finishing products, basic and industrial chemicals, and many more. It creates and supplies paint systems for various sectors including cycle, material handling, bus bodies, electrical components, containers, and finishing lines.

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In 1986, GNPL signed a TAA in Osaka with Kansai Paints Co. Ltd. of Japan to produce Cathodic Electrodeposition Primer and other advanced coatings for automotive products. GNPL was the first company in India to adopt this technology.

4. Dulux Paints

Dulux stands as India's foremost paint brand, recognized for its pioneering presence since its establishment in 1931.
Top 10 Indian Paint Brands | Dulux Paints

Dulux stands as India's foremost paint brand, recognized for its pioneering presence since its establishment in 1931. With a global reputation, the brand has been associated with esteemed entities like Imperial Chemical Industries and DuPont since its inception.

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Headquartered in Gurugram, the company efficiently manages a network of 75 warehouses. Dulux enjoys extensive distribution, particularly within the realm of decorative coatings, solidifying its position as a leading choice for wall paint solutions.

5. British Paints

British Paints stands out as one of India's prominent paint manufacturers and the largest companies in the field.
Top 10 Indian Paint Brands | British Paints

British Paints stands out as one of India's prominent paint manufacturers and the largest companies in the field. With a commitment to delivering tailored painting solutions, the company is dedicated to achieving the utmost customer contentment. Making its foray into the Indian market in 1947, British Paints swiftly ascended to a position of prominence as a top provider of marine, industrial, and architectural coatings.

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Renowned for its cost-effective approach, British Paints offers an array of industrial and decorative products, solidifying its status as one of India's premier paint brands.

6. Berger Paint

Berger Paints - Founded in Kolkata, this Indian company boasts a widespread presence with 16 manufacturing facilities strategically situated across the nation.
Top 10 Indian Paint Brands | Berger Paint

Kolkata-based Berger Paints India, is one of the top paint companies in India, recognized as a leading paint brand in India.The company operates an extensive network of 16 manufacturing plants across India, along with two in Nepal, one in Poland, and in Russia.

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Each quarter, Berger Paints is among the fastest-growing companies in the industry. Its product range includes Exterior Wall Coatings, Interior Wall Coatings, Berger Metal & Wood Paints, Undercoats, Express Painting, and Construction Chemicals.

Berger Paints India Limited is the second-largest paint company in the country, known for its rapid growth and high quality and providing the best paints in India. It employs over 3450 employees and has a nationwide distribution network of more than 25,000 dealers. The company ranks second among India's top 10 paint companies by turnover.

7. Jenson & Nicholson Paints

Gurgaon-based Jenson & Nicholson Paints is another one of the young paint companies in India.
Top 10 Indian Paint Brands | Jenson & Nicholson Paints

Gurgaon-based Jenson & Nicholson Paints is another one of the young paint companies in India. But It has established a significant presence in the Indian market. It operates as a joint venture, focusing on industrial paints and decorative paints as its primary offerings.

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What sets this company apart is its commitment to eco-friendly products and their effectiveness against germs. This distinct approach has quickly endeared the brand to the Indian populace, making it a favored choice in the paint market. The company was founded by John Jenson & V. Nageswara Rao. 

8. Grauer & Weil India

Grauer and Weil India Ltd stands as one of the prominent paint enterprises in India.
Top 10 Indian Paint Brands | Grauer and Weil India

Grauer and Weil India Ltd stands as one of the prominent paint enterprises in India. Beyond its operations within the country, the company has extended its reach to multiple other nations. Despite adopting a modest advertising approach, the company has managed to cultivate a strong reputation within the Indian market.

Its products have garnered reviews and ratings resulting in an overall score of 3.8 out of 5, showcasing a commendable standing in comparison to its rivals. The enterprise was established in Kolkata by Ramanlal Shah & Dipesh Mehta.

9. Akzo Nobel India Ltd

Akzo Nobel India Ltd holds the distinction of being the global leader in paint and coating manufacturing.
Top 10 Indian Paint Brands | Akzo Nobel India Ltd

AkzoNobel, is a well known paint and coatings firm, has been active in India for nearly 60 years. As one of the leading paint companies in the country, it has built a strong presence across India, their services are available in 5 different areas.

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AkzoNobel NV acquired Imperial Chemical  Industries Ltd., the holding company of ICI India Limited, through a scheme of arrangement under section 425 of the UK Companies Act 1985. It was renamed as the AkzoNobel India Limited, further establishing its position as a leading provider of high-quality coatings in the country.

In 2012, three more AkzoNobel Group companies operating in India were merged under the AkzoNobel India Limited, making it the country's only integrated Paints and Coatings company with a small Chemicals portfolio.

In addition to paints and coatings, AkzoNobel is engaged in various industries, including automotive, aerospace, marine, and industrial coatings. Their advanced technologies and expertise have made them a trusted partner for businesses looking for high quality protection, performance, and aesthetics.

10. Sirca Paints India Ltd

Founded by  Sanjay Agarwal, Sirca Paints stands as a significant player in the realm of paint and coating manufacturing.
Top 10 Indian Paint Brands | Sirca Paints India Ltd

Founded by  Sanjay Agarwal, Sirca Paints stands as a significant player in the realm of paint and coating manufacturing. Despite its youthfulness, the company has managed to secure a prominent position among India's top 15 paint brands. Initially known by a different name, it was later rebranded.

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Originally incorporated as Sircolor Wood Coatings Private Limited, the company's offerings were well-received by customers, being regarded as products offering good value. However, Sirca's presence in the paint sector of the nation is often overlooked, remaining an underrated entity.

11. Nippon Paints

Nippon Paint Brand

Nippon Paint India Pvt Ltd is a leading paint and product manufacturer based in India. Globally, It ranks as the seventh-largest paint maker. The company was originally founded in 1881 by Jujiro Moteki and Komyosha. Established in India in 2006, Nippon Paint has quickly grown into a major player, recognised for its dedication to providing superior high-quality paint products across a diverse range of segments.

Nippon paint makes high-quality paints and coatings for the automotive, industrial, and decorative sectors. Their environmentally friendly products include Marine coatings, automotive coatings, industrial coatings, and fine chemicals.

A key feature of Nippon Paint's strategy is its focus on sustainability. The company prioritises eco-friendly solutions, integrating sustainable practices into both its manufacturing processes and product lines. Nippon Paint is proud to produce environmentally responsible paints that reduce environmental impact while delivering outstanding performance.

12. Shalimar Paints

Shalimar Paint Brand

Shalimar Paints Ltd has one of the top paint companies in India. Headquartered in Gurgaon, it was established in 1902 by AC Turner and AC Wright. Shalimar Paints specialises in manufacturing and distributing an exceptional range of industrial coatings and decorative paints, catering to a wide range of customers across India.

Through its dedication to innovation and quality, Shalimar pants has maintained its position as a trusted name in the industry, earning a well-deserved reputation as one of the best paint brands in India. The company consistently provides customers with the best of both worlds: high quality products and exceptional service.

Shalimar Paints Ltd has played a key role in painting many of India's iconic structures, including Rashtrapati Bhavan, Howrah Bridge, Vidyasagar Setu, and Salt Lake Stadium.

In 1992, Shalimar Paints established its second manufacturing facility in Nashik, Maharashtra, to serve the Western region as it expanded its presence across India. In 2002, the company further expanded by opening its third  manufacturing plant in Sikandrabad, Uttar Pradesh.

13. Snowcem Paints Limited

Snowcem Paint Brand in India

Snowcem paints limited ranks 10th among India's top paint companies. It was founded  in 1959 by Mr. George Lillington in Mumbai. The company specialises in manufactures interior and exterior emulsions, primers, cement paints, wall putty, more. As one of the biggest cement paint producers in India, Snowcem operates four manufacturing units across the country, generating approximately $6 million. 

14. Sheenlac Paints

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Sheenlac paints ranks 9th position among India's top paint companies. It was founded in 1962 by Mr. John Peter.  It is known for its innovation, Sheenlac was the first company to introduce sanding sealer and non-alcoholic wood Polish. It operates 4 manufacturing units in the country. They  deal in various types of products such as interior & exterior wood coatings, interior and exterior wall paints, floor coatings paints, automotive coatings, more.

Conclusion

They all are the best paint companies in India, renowned for their diverse selection catering to various sectors. Whether it's intended for household applications, decorative purposes, industrial requirements, or automotive projects, these are the esteemed names in the industry that provide paints of exceptional quality. Choose among these well-established brands, which are highly regarded and widely sought after. Explore the top choices conveniently accessible through online platforms.

This was our selection of the Top 14 Indian Paint Brands. We hope this is useful to you. The order of this list is random.

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Frequently asked questions (FAQs)

What are the Top 10 Indian Paint Brands In 2024?
Asian Paints, Indigo Paints, Kansai Nerolac Paints, Dulux Paints, British Paints, Berger Paint, Jenson & Nicholson Paints, Grauer, Weil India, Akzo Nobel India Ltd, Sirca Paints India Ltd. are the Top 10 Indian Paint Brands In 2024.
Which paint brand stands at the No. 1 position in India?
Asian Paints stands at no.1 position in India.
What is the revenue of the paint industry in the Indian market?
Currently, the revenue of the paint industry is around Rs 62,000 crore in the Indian market, as per reported by .