Navanc, a fintech startup that creates an AI-driven real estate score and stack for collateralized lending and insurance practices, has raised $1 million in seed funding. funding round.
The round was led by Prarambh Ventures, with participation from Gurugram-based Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital and renowned angel investors.
Fundraising goal
Navance plans to use the capital raised to expand its operations across India, focusing on strengthening its presence in urban and semi-urban areas.
Additionally, the startup will strengthen its AI fintech capabilities by incorporating generative AI and computer vision models to pursue its vision of becoming India’s leading home credit scoring and stack provider.
“We are grateful for the support of our investors and are excited to continue our mission to revolutionize secured lending and insurance practices in India. Our AI-based solutions are expected to make real estate transactions faster, more transparent and accessible to everyone, said Nagachethan SM, CEO of Navanc.
Who are the founders?
Founded in 2021 by Nagachethan SM (CEO) and Byomkesh Jha (CTO and Data Officer), Navanc develops AI-based solutions for secured lending and property aggregation in the BFSI sector.
Navanc claims that it is the first Indian fintech to introduce AI-powered scoring and property stack, specifically designed for secured lending and insurance practices. The startup has integrated advanced technologies such as AI, IoT and blockchain to ensure secure, transparent and reliable transactions.
Its comprehensive collateral reporting, powered by cutting-edge AI and ML models, improves credit decision-making and portfolio management for the BFSI sector.
Investor commentary
Mitesh Shah, Co-Founder, Inflection Point Ventures, said: “Banks, NBFCs and HFCs all face the same challenges in mortgage and property valuation: inconsistent and time-consuming property valuations, lacking both transparency and data to build trust. By providing accurate and scalable real estate valuation, transparency and reliability, Navanc helps everyone in the sector make informed decisions based on real-time valuation, data and knowledge of legal and technical aspects. Thereby reducing risk for lenders and buyers. As investors, we are confident in Navanc’s potential to make real estate valuation efficient, reliable and data-driven.
Sreenivas Ramarao of Prarambh Venture believes, “We believe Navanc is the pioneer in providing AI and digital services to make real estate transactions faster, cheaper, reliable and more accurate. We also have great confidence in the team and are fully confident in their ability to deliver user-friendly products in the space.
Currently operating across multiple city tiers in around 6 states, Navance is focused on expanding its reach to all states as part of its Bharat vision.