Fintech Startup Navadhan Raises $1.5 Mn In Seed Funding
Navadhan, a fintech startup, has raised $1.5 million (Rs 12.3 crore) in a seed funding round co-led by fintech-focused VC firm Varanium NexGen, along with existing investor Anicut Capital. Gemba Capital also participated in the funding round.
As per the startup, the freshly raised funds will be used to develop its tech platform.
Navadhan Capital | Rural-Fintech Startup
Founded by Nitin Agrawal, Vijay Haswani, Amit Biswal and Anirudh Ramakuru, Navadhan is a rural-fintech startup with a digital-first approach serving small-holder-farmers & small businesses in India.
The firm helps micro, small and medium enterprises (MSMEs) to secure loans from institutions like NBFCs and Banks, facilitating seamless connections.
Speaking about the development, Nitin Agrawal, Founder and CEO of Navadhan, mentioned,
“We are a tech-led and revenue-first fintech. Our mission is to help create new-wealth for the rural small-entrepreneurs by solving their challenges. We are leveraging Tech using alternative credit, predictive analytics backed by data sciences. With both Tech and People on-ground, we are making it work for the NBFCs and Banks to generate priority sector assets. The new fundraise will add tailwinds to our growth plans. As the Smartphone and UPI penetration improves, we have an early mover advantage in the rural markets.”
The fintech startup bridges rural small businesses (MSMEs) and NBFCs and Banks, facilitating seamless connections.
Navadhan offers a seamless digital onboarding experience, simplifying the customer journey and eliminating paperwork. Navadhan’s proprietary alternative underwriting model assesses the digital footprint and cash flow surrogates by leveraging the power of data science.
The startup claims to have enrolled 2 lakh customers and disbursed over Rs 100 crore. It counts lenders like Northern Arc, Ugro, Vivriti, Caspian, Unitus, and TruCap, as part of its network.
Earlier, Navadhan raised an undisclosed amount in a pre-seed funding round from Anicut, Flowstate, BOPA, and notable angels such as Sarah Djari (Impact Fintech PE) and Prasanna Rao (Arya.ag). And with this funding round, Navadhan has now raised a total funding of $16 million in equity and debt.
Earlier this month, BharatNxt, a business-to-business (B2B)-focused fintech startup, raised $1.2 million (Rs 9.8 crore) in a seed funding round led by Inflection Point Ventures to invest in product development and expand the team size by 4 times.
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