Tag: avanti finance

Avanti Finance raises Rs 306 cr in equity, debt funding, BFSI News, ET BFSI

Personal Finance

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Mumbai, Financial inclusion-focussed non-banking lender Avanti Finance has raised USD 15 million (Rs 111 crore) in series-A2 equity funding round from existing investors Oikocredit, Nomura, Bill & Melinda Gates Foundation and the KR Shroff Foundation, as well as Rs 195 crore in debt. With this cash infusion, Avanti has completed its series-A equity and also debt funding round, raising a total of USD 41 million or Rs 306 crore, the Bengaluru-based company said in a statement on Thursday. It did not, however, say from where it has raised the debt.

Avanti will use the funds to strengthen its tech platform and bolster data science, apart from enhancing its product suite and to expand the team, Rahul Gupta, chief executive of Avanti, said.

Avanti has built a digital platform that facilitates a paperless, presence-less, and cashless approach to lending to reduce cost and friction for the un-served and un-derserved, especially in rural India.

Avanti partners with a diverse set of organisations with strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability across 21 states covering over 200 districts.

Unitus Capital acted as the exclusive financial transaction advisor to Avanti and Abhiraj Krishna Associates acted as the legal advisors to Avanti. PTI BEN MKJ



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Avanti Finance completes Series A and debt funding round, raises ₹306 crore

Banking & Finance

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Technology led NBFC Avanti Finance has further raised $15 million or about ₹111 crore in Series A2 from existing investors Oikocredit, Nomura, The Bill & Melinda Gates Foundation and Dr KR Shroff Foundation. With this, it has completed their Series A and debt funding round, which raised a total of $41 million or ₹306 crore.

Also read: Should you subscribe to the Nykaa IPO?

“Avanti will use the funds to strengthen its deep tech platform, bolster data science, enhance its product suite and expand the team to enable unparalleled access to affordable credit and financial empowerment to millions of unserved and underserved households in India,” it said in a statement.

Rahul Gupta, CEO of Avanti said, “The Avanti team is excited and ready to accelerate our mission. We are grateful to our board and investors for reposing their faith in our unique business model to democratise credit to the next 100 million households and make every loan an impact story.”

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