Financial inclusion-focussed non-banking lender Avanti Finance has raised USD 15 million (Rs 111 crore) in series-A2 equity funding round from existing investors Oikocredit, Nomura, Bill & Melinda Gates Foundation and the KR Shroff Foundation, as well as Rs 195 crore in debt.
With this cash infusion, Avanti has completed its series-A equity and also debt funding round, raising a total of USD 41 million or Rs 306 crore, the Bengaluru-based company said in a statement on Thursday. It did not, however, say from where it has raised the debt. Avanti will use the funds to strengthen its tech platform and bolster data science, apart from enhancing its product suite and to expand the team, Rahul Gupta, chief executive of Avanti, said.
Avanti has built a digital platform that facilitates a paperless, presence-less, and cashless approach to lending to reduce cost and friction for the un-served and un-derserved, especially in rural India. Avanti partners with a diverse set of organisations with strong roots in local communities to offer loan products that are hyperlocal and focused on livelihood sustainability across 21 states covering over 200 districts. Unitus Capital acted as the exclusive financial transaction advisor to Avanti and Abhiraj Krishna Associates acted as the legal advisors to Avanti.