back Back

Rural-FinTech Navadhan secures $5m in Pre-Series A round

By Gloria Mathias

December 07, 2023

  • AceN Tech Platform
  • fintech India
  • Fintech news

Navadhan Capital, Fintech news. Fintech funding, Pre-series A Funding, India, MSME solutions, India News, Fintech News, Fintech India, India-based FinTech start-up Navadhan has raised $5 million (INR 40 crore) in its Pre-Series A round led by Prime Venture Partners.

Existing investors, Varanium NexGen FinTech Fund and Gemba Capital, also participated in the round. The new funds will be used to further enhance the company’s AceN tech platform and scale up the company’s distribution and service delivery models.

Navadhan’s AceN tech platform enables full-service customer fulfilment starting from sourcing, seamless digital enrolments, credit underwriting, servicing, and payments to collections. It has over Rs.300 Cr of lines available from 20 banks and NBFCs on its platform, with whom AceN enables API integrations into their existing systems.

Navadhan’s proprietary alternative underwriting model assesses the digital footprint and cash flow surrogates. This solves the lack of income proofs and documents that have kept the banks away from such markets. This approach addresses the challenges of the cash-based economy and the limited banking track record in rural and informal markets. Navadhan has both people and Tech on the ground with a brick-to-click model.

Nitin Agrawal, Founder of Navadhan, said, “Prime has a reputation of being a thoughtful investor, and we greatly enjoyed the interactions and rigour with which they worked with the Navadhan team, including visiting and interacting with our customers. We are excited to have them join our journey in building a tech-led business model with a revenue-first approach and a vision of creating new wealth for the rural-preneurs. The new fundraiser will add tailwinds to our efforts at building solutions to bring such small businesses to the formal economy. We will continue to build it for Bank, and NBFCs to leverage on the regulatory advantage of priority sector assets.”

“Nitin, his co-founders and the Navadhan team have demonstrated an extremely viable and tech-driven model for distribution, underwriting, and robust collections while leveraging co-lending to achieve meaningful scale. We truly believe they have created a very attractive model and are delighted to be the catalyst in the next phase of growth of this company,” said Sanjay Swamy, Managing Partner, Prime Venture Partners.

Previous Article

December 07, 2023

Conferma Pay & Mastercard partner to power virtual card payments

Read More
Next Article

December 07, 2023

LHV Bank launches personal savings products on Flagstone

Read More

IBSi Daily News Analysis


July 19, 2024

AceN Tech Platform

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


5 FinTechs boosting Wealth Management in the USA

Read More


Jifiti launches ‘Tap Now, Pay Later’ to enable banks to deploy loans with ease

Read More


NatWest launches its banking app on Apple Vision Pro

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024