Finarkein Analytics raises seed round funding led by IIFL & Info Edge
Pune-based Finarkein Analytics announced seed round funding co-led by IIFL’s Fintech Fund and Redstart Labs, an Info Edge company. Finarkein Analytics is building a low/no code workflow orchestration and data analytics platform for India’s current and upcoming Open Digital Ecosystems (ODEs) like the Account Aggregator, ABDM/UHI, ONDC and more. As access to data becomes democratised through these public digital goods, businesses need a platform with native first party support to consume and publish data from these ODEs. Finarkein’s unique widely horizontal and data engineering first approach makes it the developers’ tool of choice when it comes to building data driven journeys on India’s ODEs.
Aaryaman Vir Shah’s Prophetic Ventures, Pearl Agarwal’s Eximius Ventures and angels such as Shalini Chhabra of Incipia Advisors, Chirag Jain of Ashika Group also participated in the round, among others.
“ODEs are addressing the fundamental problem of access to quality, structured and authentic data. But our research and experience indicated another cross-industry challenge of making sense of data at speed and scale, while staying compliant with current and upcoming data laws like the Data Protection Bill. Finarkein’s products are addressing this by building a DIY analytics platform which provides organizations with a trusted execution environment. We are witnessing growing interest from BFSI organizations as we help them simplify the technical landscape, experiment at pace and generate tangible business outcomes quickly,” said Nikhil Kurhe, Co-founder and CEO of Finarkein Analytics.
“Finarkein’s data engineering first approach putting developers at the forefront is something I haven’t seen done before in the open banking and open data space, absolutely pumped at the potential,” said Vibhore Sharma, Partner, RedStart Labs and former CTO of Info Edge.
“Finding a sufficiently differentiated offering is difficult in the data space. Finarkein’s take on Open Data Standards excites us, and their growth reflects in the calibre of anchor clients they’ve been able to secure across verticals,” said Mehekka Oberoi, Fund Manager, IIFL Fintech Fund.
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“At a time when data is increasingly driving our digital experience, Finarkein Analytics emerges as a crucial tool to help developers build it seamlessly and securely. We are seeing strong initiatives such as the Account Aggregator framework as well as the Ayushman Bharat Digital Mission (ABDM) which will define how data is exchanged in the time to come, while making consent central to it. With Finarkein’s innovation, we have better possibilities of optimally utilizing data from different sources and in turn, enabling businesses to focus on building better,” said Pearl Agarwal, Founder & Managing Director, Eximius Ventures.
Finarkein’s platform drastically lowers the entry barrier to iterating and experimenting on ODEs such as the Account Aggregator, Unified Health Interface/Ayushman Bharat Digital Health Mission. This way businesses can prototype, test, deploy and upgrade rapidly while allowing the Finarkein platform to take care of the data orchestration.