Mumbai-based AdvaRisk, the fraud prevention, and investigation startup has secured around $700K from Sprout Venture Partners, SEA fund and angel investors and in a seed fund round. The round also saw the participation of many industry veterans like Sharad Bhatia (Former MD, Multiple Alternate Asset Management) and Vardarajan Srinivasan (Former Deputy MD, Axis Bank).

Founded in 2016 by Vishal Sharma and Rahul Metkar, AdvaRisk is working on developing an automated fraud detection platform in the corporate loan portfolio of financial institutions.

Talking about the investment, Vishal Sharma, Co-Founder of AdvaRisk said, “The need of the hour is an effective and proactive credit monitoring solution for preventing frauds that plague our financial system and adversely affect our economy. We are developing solutions that enable lenders to prevent future frauds and maximize recovery from NPAs (non-performing assets).”

The startup is expected to direct the newly infused capital in product development, boosting the sales and for business development teams.

Commenting on the functionality of AdvaRisk, the founder of Sprout Venture Partners, Sahil Gupta said, “The company also addresses fundamental needs of financial institutions to improve underwriting measures and to actively monitor portfolio for early identification and minimizing future distress.”
Despite of being a startup, AdvaRisk is working with some of the big banks and NBFCs and also aspires to become the most trusted and reputed solutions for financial institutions.