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.”
Interviews.
[Interview] Caroline Mutuku, General Manager, Glovo, Kenya
Caroline Mutuku is Kenya's General Manager of multi-category app Glovo. Caroline joined Glovo in December 2022 from Swvl Kenya where she also served as the General Manager from December 2021. In this interview...read more here
[Interview] Renate Swanepoel, COO, INC. Networking
Renate Swanepoel is an entrepreneur, global networker and inspirational speaker that has helped thousands of people around the world to find their purpose. She has gained significant networking and communication...read more here
[Interview] Anne-Marie Chidzero, Chief Investment Officer, FSD Africa
Anne-Marie Chidzero is the Chief Investment Officer at the Financial Sector Deepening Africa (FSD Africa) Investments. In this interview, she talks about the risks and opportunities in backing Africa’s early-stage startups...read more here
[Interview] James Kilpatrick, Chair, Gravitilab, UK
Gravitilab is a "Space as a Service" business providing research, testing and qualification facilities to space agencies, government, academia and commercial enterprises. The company’s Chair and Chief Finance Officer...read more here
[Interview] Ramanjeet Singh, CEO, Woosper, USA
Woosper is a US-based digital advertising and marketing agency focused on creating experiences that help clients discover their place in the digital world. The CEO Ramanjeet Singh...read more here