Rural-focussed fintech startup Navadhan has raised $5 million or Rs 41.7 crore in its pre-Series A round led by Prime Venture Partners. The round also saw participation from the firm’s existing backers Gemba Capital and Varanium NexGen Fintech Fund.
The proceeds will be used to ramp up its technology platform AceN as well as its distribution business and delivery model.
Founded by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru and Amit Biswal in 2019, Navadhan uses data science for its proprietary alternative underwriting model that assesses the digital footprint and cash flow surrogates.
Navadhan’s AceN offers end-to-end services, including customer sourcing, digital onboarding, underwriting, payments, and collections. In addition to its digital platform, the startup also maintains a physical presence on the ground to provide customer service.
This is the second funding for Navadhan in 2023. In June, the Mumbai-based firm raised $1.5 million in its seed round co-led by Varanium NexGen and Anicut Capital.