Social VC Investments
Digital lender of small loans Avanti Finance raises $14.2 M from Dia Vikas Capital, existing investo
Bengaluru-based provider of small ticket loans Avanti Finance has raised USD 14.2 million in equity funding from impact investor Dia Vikas Capital and existing investors.Set up in 2016 by the late Ratan Tata, former Infosys chairman Nandan Nikelani and economist Vijay Kelkar, Avanti Finance focuses on providing financial products to underserved and marginalised communities. The fresh capital will be used to increase the size of the loan book. The company will also invest in its technology capabilities to improve the borrowing experience of its customers and augment its channels in both rural and urban consumer segments.
Between Aug 2016 and Mar 2023, Avanti Finance had raised about USD 78.83 M from IDH FarmFit Fund, Nandan Nilekani, Oikocredit, Gates Foundation, Nomura Holdings and Ratan Tata.For FY24, Avanti Finance had reported about INR 240.41 Cr in Operating Income and about INR 13.84 Cr in Net loss.
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