Rural fintech firm Navdhan raises $5 million from Prime Venture Partners and others – Gudstory

The startup said the new funds will be used to scale the company’s AceN tech platform, which connects small, rural businesses with NBFCs and banks, and enhance its distribution and service delivery model.

Navdhan, which also owns a non-banking financial company, was co-founded by Nitin Agarwal, Vijay Haswani, Anirudh Ramkuru and Amit Biswal. A former ICICI Bank executive, Agarwal was responsible for setting up the rural finance business for Fullerton India and served as CEO of Spandana Sphurti.

Navdhan’s AceN tech platform enables full-service customer fulfillment including sourcing, digital enrolment, credit underwriting, servicing, payments and collections. it’s over Credit lines worth Rs 300 crore are available from 20 banks and NBFCs on its platform.

Nitin Agarwal said: “We are excited about this [Prime VP] Join our journey to build a technology-based business model with a revenue-first approach and vision of wealth creation for rural entrepreneurs. The new fundraise will support our efforts to create solutions to bring such small businesses into the formal economy. We will continue to build on this for banks, NBFCs to avail the regulatory benefits of priority sector assets.”

“The MSME sector in India has always been credit-starved, and yet remains one of the important growth sectors in the country. Sanjay Swamy, Managing Partner, Prime Venture Partners, said, “Nitin, his co-founders and the Navdhan team have built a highly viable and tech-driven solution for distribution, underwriting and strong collections while leveraging co-lending to achieve meaningful scale. The model has been demonstrated.” ,

Milestone alert!Livemint tops charts as fastest growing news website in the world Click here to find out more.

Published: 06 Dec 2023, 06:05 am IST