Bengaluru (Karnataka) [India], June 23 (ANI/NewsVoir): Navanc Data Sciences Pvt. Ltd. today announced closing of its seed round of funding of 300K USD which saw participation from leading angel investors including Kunal Shah, Founder of CRED and QED Innovation Labs LLP, Chattanathan D, Founder Arya.ag, Samit Shetty, Founder of Chaitanya Microfinance and Former CEO of Navi Finserv, Subramanya S V, Founder of Fisdom, and Vinay Bhat led group of techie angels.
Navanc is building India's first ever creditworthiness score to Properties and Assets and aims to make leveraging the assets for financial access a reality amidst all the hassles of documentation. The company is presently testing its product through institutional tie ups with major Financial Institutions including a large HFC and a small finance bank.
The funds raised in this round will help Navanc to ramp up the product to go to market and hire aspiring engineers who want to solve one of the crucial problems in India's financial services industry.
Leveraging DeepTech, Navanc provides complete information of the asset or property under consideration and aims to provide real time information on property's credit worthiness. The product has been built with layers of data pooling from various sources like Geospatial insights, legal track check and crime reporting on properties. It has tied up with many start ups to get valid data like Skyserve.ai, CrimeCheck.ai and others.
Nagachethan S M, Founder of Navanc said, "Land and Home as an asset class is the second largest in India next only to Gold, yet this asset class is highly under leveraged. India's mortgage based loans such as Home Loans, Working Capital Loans and Business Loans are prone to tedious processes and customers are always unaware of asset's creditworthiness. Financial Institutions are many a times sceptical of asset's disposability as a result the loans get stranded as bad debt on their books.
At Navanc, we are creating India's first comprehensive credit score mechanism to the assets possessed by an Individual and help him/her leverage the same financially. Hence, we are building lifetime value (LTV) instead of the now popular loan to value (LTV). The product would also add a significant value for financial credit access in rural and semi-urban areas."
Navanc has previously been part of prestigious accelerator programs such as ShelterTech accelerator at Habitat for Humanity and Brigade Real Estate Accelerator Program (Brigade REAP). It was also a Financial Inclusion Champion as part of the Bharat Inclusion Initiative, a program run by IIM Ahmedabad based startup accelerator, CIIE.CO.
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