Bengaluru-based NBFC Avanti Finance has raised $14.2 million (Rs 120 crore) in its Series B round from Dia Vikas Capital, existing investors IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships and certain HNIs. The company’s early investors include the Bill & Melinda Gates Foundation, Oiko Credit & Nomura.
Previously, Avanti Finance raised $24 million in a Series B funding round in April last year. With current funding, the total amount raised to date is approximately $80 million.
The proceeds will be used to increase its loan portfolio, further strengthen the capabilities of a deep technology platform for continuous frictionless credit innovation for our customers and increase its channels in rural and urban segments.
Founded by Rahul Gupta, Avanti Finance offers small loan amounts primarily for income generation and working capital to micro-enterprises and has made an encouraging foray into the urban worker segment. The company has developed a diverse, lean and unique distribution network of select partners, comprised of small financial institutions, technology players and fintech partners.
This collectively generates and serves its customers in over 700 branches spread across 27 states and over 430 districts. It is a leader in co-lending for the microfinance segment and has established partnerships with reputable financial institutions, making it both scalable and capital efficient.
Avanti claims to have served 900,000 low-income households with assets under management of Rs 1,640 crore. 90% of its borrowers are women served via a technology-assisted model.
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