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Home » The Rural Fintech Society Navadhan raises Rs 111 crores in Series A, surpassing its initial goal of Rs 80 crores.
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The Rural Fintech Society Navadhan raises Rs 111 crores in Series A, surpassing its initial goal of Rs 80 crores.

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The Rural Society of Fintech Navadhan Secures ₹111 Crore in Series A Funding

Navadhan, a pioneering force in rural fintech, has successfully raised ₹111 crore in its Series A funding round, surpassing its initial target of ₹80 crore. This funding round was spearheaded by Nabventures, the venture capital arm of NABARD, in collaboration with Prime Venture Partners, marking a significant milestone for the company.

Investment Participation

The funding round saw participation from several notable investors. The LNB group, known for its investments in technology startups through venture capital funds and FIA, along with existing investors such as Varanium Nexgen Fintech Fund, Gemba Capital, FAAD, VC-Grid, and Anicut, played a crucial role in this funding success. This marks the fourth funding round for Navadhan in just three years.

Expanding Commercial Operations

With the newly acquired capital, Navadhan aims to broaden its commercial operations and enhance its advanced ACEN technological platform. This platform is designed to provide financing solutions for micro, small, and medium-sized enterprises (MSMEs), thereby contributing to the growth of the rural economy.

Robust Financial Infrastructure

Navadhan boasts over ₹700 crore in credit lines through more than 25 banks and Non-Banking Financial Companies (NBFCs) on its ACEN platform, supported by robust API-based integrations. This financial infrastructure positions the company to effectively serve the needs of rural businesses, driving growth and innovation.

Vision for Rural Prosperity

Commenting on the funding, the founder of Navadhan expressed enthusiasm about having investors who align with their mission of creating new wealth (Nava-Dhan) for rural entrepreneurs. The founder stated, “The early-stage technological investors have significantly contributed to developing the Tech AEN platform, and we are delighted to partner with Nabventures, as rural MSMEs are our core customer segment.”

Founders and their Mission

Co-founded by Nitin Agrawal, Amit Biswal, Vijay Haswani, and Anirudh Ramakuru, Navadhan’s ACEN Tech platform is dedicated to facilitating working capital financing for small rural businesses. The founders emphasize that MSMEs play a pivotal role in generating local employment in rural and semi-urban areas, driving the need for tailored financial solutions.

Innovative Hybrid Model

Navadhan operates on a click-and-brick model, seamlessly blending field support with a fully digital workflow. The company invested its initial two years in building the ACEN platform before commencing loan operations. The ACEN platform features a comprehensive, paperless customer journey, ensuring transparency in integration, subscription, and multi-mode collections.

Future Aspirations

With a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India, Navadhan currently serves over 700 PIN codes across five states: Madhya Pradesh, Rajasthan, Gujarat, Karnataka, and Odisha. Looking ahead, the company aims to deepen its market presence and diversify its loan offerings, further empowering rural businesses and promoting socio-economic development.

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Fintech startup Upgrade reaches a valuation of $7.3 billion following a recent funding round

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