Funding Alert

Navadhan Secures $5 Million in Pre-Series A Funding Round

• ByStartupStory     |    December 7, 2023

Rural-focused fintech startup Navadhan has successfully raised $5 million, equivalent to Rs 41.7 crore, in its pre-Series A funding round. 

Prime Venture Partners led the round, with participation from existing investors Gemba Capital and Varanium NexGen Fintech Fund. The infusion of funds aims to bolster Navadhan’s technology platform, AceN, alongside enhancing its distribution business and delivery model.

Established in 2019 by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru, and Amit Biswal, Navadhan utilizes data science for its exclusive alternative underwriting model, evaluating digital footprints and cash flow surrogates. AceN, the flagship offering, encompasses a suite of services, including customer sourcing, digital onboarding, underwriting, payments, and collections. Complementing its digital platform, the startup maintains a physical presence to ensure comprehensive customer service.

This funding marks the second capital infusion for Navadhan in 2023. Earlier in June, the Mumbai-based firm secured $1.5 million in its seed round, jointly led by Varanium NexGen and Anicut Capital.

 

Follow Startup Story