Rural-focussed fintech Navadhan has raised Rs 111 crore ($12.8 million) as a part of its Series A funding round led by National Bank for Agriculture and Rural Development’s (NABARD) venture capital arm, NabVentures.

 

The round was co-led by Prime Ventures, along with participation from LNB Group and existing investors Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid and Anicut.

The company plans to use the fresh funds to fuel growth and enhance its tech platform, AceN; expand its footpint; and diversify loan offerings.

Founded in 2019 by Nitin Agrawal, Vijay Haswani, Anirudh Ramakuru and Amit Biswal, Navadhan’s AceN offers customer sourcing, digital onboarding, underwriting, payments and collections. The non-banking finance company (NBFC) also offers financial solutions to small businesses and microenterprises by connecting them to banks.

The fintech platform claims to have more than Rs 700 crore of debt lines available from more than 25 banks and NBFCs on its AceN platform. The company also claims that it has a presence in 700 pincodes spanning five states, Madhya Pradesh, Rajasthan, Gujarat, Karnataka and Odisha. 

Confirming the development in a post on LinkedIn, Prime Ventures’ Shivani Kulkarni said, "We partnered with Navadhan Capital a year ago and have been consistently impressed by the team’s execution, even amidst challenging conditions in the financial services sector. Its an honor to partner with you Nitin Agrawal Vijay Haswani Anirudh Ramakuru Amit Ranjan Biswal."