VC Fund Investments
Lender to rural MSMEs Navadhan raises Rs.111-Cr from NAB Ventures, Prime Ventures, others
Mumbai-headquartered, rural India-focussed fintech startup Navadhan has raised INR 111 crore (USD 12.8 million) as a part of its Series A funding round led by NabVentures, the venture capital arm of National Bank for Agriculture and Rural Development (NABARD). The round was co-led by Prime Ventures, with participation from LNB Group and existing backers Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid and Anicut Capital.Navadhan plans to use the fresh capital to fuel growth and enhance its tech platform, AceN. Additionally, the capital will be deployed for expanding the startup’s footprint and diversifying its loan offerings.Founded in 2019 by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru and Amit Biswal, Navadhan’s AceN offers end-to-end services, including customer sourcing, digital onboarding, underwriting, payments and collections.The firm claims to have more than INR 700 crore of debt lines available from more than 25 banks and NBFCs on its AceN platform, which enables API integrations. The company also claims that it has a presence in 700 pin codes across Madhya Pradesh, Rajasthan, Gujarat, Karnataka and Odisha.
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