Avanti Finance has secured $14.2 million (₹120 crore) in equity funding from Dia Vikas Capital. The company stated that this funding would be used to expand its loan book.
The funding also saw participation from existing investors such as the IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships, and select HNIs.
The company raised $24 million in a Series B funding round in April last year. With the current funding, the total amount raised is around $80 million.
Commenting on the latest funding, Rahul Gupta, CEO of Avanti Finance, said, “The capital will help us grow our loan book, strengthen the capabilities of our DeepTech platform for continuous innovation in frictionless credit for our customers, and augment our channels in both rural and urban segments.”
Founded in 2018, the Bengaluru-based startup provides small-ticket loans primarily aimed at income generation and working capital for micro-enterprises.
With an AUM of ₹1,640 crore, the company operates in 27 states through over 700 branches, said the company. Its early investors include The Bill & Melinda Gates Foundation, Oiko Credit, and Nomura.
