Indian fintech startup Avanti raises $26m in Series A funding round to further invest in its digital tech platform
Indian fintech company Avanti Finance (Avanti) secured $26 million in debt and equity from Oikocredit, Bill and Melinda Gates Foundation, Nomura and the family office of Pratul Shroff. Avanti will use the funds to further invest in its digital tech platform and expand its cashless approach to help reach the unbanked across India.
Avanti partners with a diverse set of organisations that have strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability. Avanti understands that sustained impact on low-income households can be achieved through women's economic empowerment and currently, more than 75% of Avanti users are women.
The fintech works in 15 states, covering 112 districts, and is working towards building a scalable partner ecosystem for social enterprises, financial institutions, business correspondents, and Agtech players across India.
Rahul Gupta, CEO, Avanti Finance: “We are delighted to welcome our investors in Avanti’s mission to create affordable financial services and expand financial inclusion across India. Our deep tech platform, combined with our partner ecosystem is designed for scalability and sustainability with a vision of empowering the next 100 million households.”
Anirudh Sarda, Equity Officer, Oikocredit: “We anticipate technology to play a transformational role in the way financial services are accessed, especially by the low-income segments. Avanti’s vision and mission are deeply aligned with our principle of promoting sustainable development through responsible financial services while achieving higher social impact in the communities we serve. We are excited to partner with Avanti and take financial inclusion to the next level with this equity investment.”
Tom Keleher, Equity Director. Oikocredit “For Oikocredit, this is another important step towards building a global portfolio of fintech investments with partners making a positive difference in the lives of people on low incomes.”