Navadhan secures Rs 40cr in Pre-Series A funding for rural-fintech platform


Navadhan, a prominent rural-fintech startup in India, has announced raising 40 Cr (USD 5M) in its Pre-Series A funding round. The round, led by Prime Venture Partners, also saw participation from existing investors Varanium NexGen Fintech Fund and Gemba Capital. This infusion of capital will be utilized to enhance Navadhan’s AceN tech platform and expand the company’s distribution and service delivery model.

Innovative Approach to Rural Finance by Navadhan

Navadhan’s AceN tech platform stands out in the fintech sector by enabling full-service customer fulfillment. This includes sourcing, digital enrollments, credit underwriting, servicing, payments, and collections. With over Rs. 300 Cr of lines available from 20 Bank/NBFCs, the platform facilitates seamless API integrations into existing systems. Navadhan’s own NBFC license plays a crucial role in ensuring compliant co-lending workflows.

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The company’s proprietary alternative underwriting model leverages data science to assess digital footprints and cash flow surrogates. This approach is crucial in rural and informal markets, where traditional income proofs and documents are scarce, and banking track records are limited.

Rural-Fintech Startup Navadhan Raises USD 5M in Funding Led by Prime Venture Partners

Rural-Fintech Startup Navadhan Raises USD 5M in Funding Led by Prime Venture Partners. Photo courtesy of Business Wire India.

Navadhan’s Founders: Experience Meets Innovation

Navadhan was co-founded by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru, and Amit Biswal. Agrawal’s vision for the company stems from his extensive experience in micro-banking, rural finance, and leadership roles in prominent financial institutions.

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Impact and Potential of Navadhan’s Rural-Fintech Solutions

Sanjay Swamy, Managing Partner at Prime Venture Partners, praised Navadhan’s viable and tech-driven model for distribution and collections, emphasizing its potential to scale significantly through co-lending. Navadhan aspires to be the largest finance platform for rural India, connecting NBFCs/Banks with MSMEs for financial services.

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With its innovative solutions, Navadhan is poised to transform rural financing in India, addressing the credit-starved MSME sector and contributing significantly to the country’s economic growth.

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