Rural-fintech startup Navadhan raises $1.5 mn in Seed Round led by Varanium NexGen
Navadhan, a pioneering rural-fintech startup, has successfully secured $1.5 million in a seed funding round, with Varanium NexGen leading the investment. The round also saw participation from existing investor Anicut Capital, who co-led the funding, and Gemba Capital.
The funds raised will be utilized by Navadhan to expand and enhance its innovative AceN Tech platform. Serving as a crucial bridge between rural small businesses (MSMEs) and NBFCs and Banks, the platform facilitates seamless connections, driving economic growth and empowering rural enterprises. With a strong network of 15 lenders, including Ugro, Vivriti, Northern Arc, Caspian, Unitus, and TruCap, Navadhan has successfully enrolled over 2 lakh customers and disbursed over Rs. 100 crore.
Navadhan’s unique digital onboarding experience simplifies the customer journey by eliminating paperwork and leveraging data science. Their proprietary alternative underwriting model, powered by data sciences, assesses the digital footprint and cash flow surrogates, addressing the challenges posed by the predominantly cash-based economy and limited banking track record in rural markets.
Nitin Agrawal, Founder CEO of Navadhan, expressed his vision, stating, “We are a tech-led and revenue-first fintech. Our mission is to help create new-wealth for rural small-entrepreneurs by solving their challenges. As the smartphone and UPI penetration improves, we have an early mover advantage in the rural markets.”
With an anticipated 44% increase in smartphone and internet penetration by 2030, along with the exponential growth of UPI transactions, Navadhan is well-positioned to leverage the surge in mobile usage, data connectivity, and digital transactions.
Aparajit Bhandarkar of Varanium NexGen acknowledged Navadhan’s potential in the rural markets, stating, “While most of the fintech space is focused at Tier-1,2,3, we saw Navadhan’s focus on the informal market as a potential high-growth area. We see Navadhan as a potential market leader in making.”
Navadhan, founded by Nitin Agrawal along with Vijay Haswani, Anirudh Ramakuru, and Amit Biswal, aims to introduce new solutions and offerings, including credit limits and tech tools for digitizing unorganized value chains. The startup also plans to promote Climate Smart Agri practices among its rural customer base, emphasizing its commitment to environmental sustainability.
The funds raised will be utilized by Navadhan to expand and enhance its innovative AceN Tech platform. Serving as a crucial bridge between rural small businesses (MSMEs) and NBFCs and Banks, the platform facilitates seamless connections, driving economic growth and empowering rural enterprises. With a strong network of 15 lenders, including Ugro, Vivriti, Northern Arc, Caspian, Unitus, and TruCap, Navadhan has successfully enrolled over 2 lakh customers and disbursed over Rs. 100 crore.
Navadhan’s unique digital onboarding experience simplifies the customer journey by eliminating paperwork and leveraging data science. Their proprietary alternative underwriting model, powered by data sciences, assesses the digital footprint and cash flow surrogates, addressing the challenges posed by the predominantly cash-based economy and limited banking track record in rural markets.
Nitin Agrawal, Founder CEO of Navadhan, expressed his vision, stating, “We are a tech-led and revenue-first fintech. Our mission is to help create new-wealth for rural small-entrepreneurs by solving their challenges. As the smartphone and UPI penetration improves, we have an early mover advantage in the rural markets.”
With an anticipated 44% increase in smartphone and internet penetration by 2030, along with the exponential growth of UPI transactions, Navadhan is well-positioned to leverage the surge in mobile usage, data connectivity, and digital transactions.
Aparajit Bhandarkar of Varanium NexGen acknowledged Navadhan’s potential in the rural markets, stating, “While most of the fintech space is focused at Tier-1,2,3, we saw Navadhan’s focus on the informal market as a potential high-growth area. We see Navadhan as a potential market leader in making.”
Navadhan, founded by Nitin Agrawal along with Vijay Haswani, Anirudh Ramakuru, and Amit Biswal, aims to introduce new solutions and offerings, including credit limits and tech tools for digitizing unorganized value chains. The startup also plans to promote Climate Smart Agri practices among its rural customer base, emphasizing its commitment to environmental sustainability.
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