Bengaluru (Karnataka) [India], April 7 (ANI): Avanti Finance, a technology-led non-banking finance company, has raised 26 million dollars (Rs 195 crore) in debt and equity from Oikocredit, Nomura and the Bill & Melinda Gates Foundation.
Avanti will use the funds to expand its presence and accelerate livelihoods, purpose credit and other financial products to the next 100 million unserved households in India.
The company has roots in local communities with loan products to offer that are hyper local and focused on livelihood sustainability. It has built a strong proof of concept in 15 states covering 110 districts and further expanding its footprint.
"We are excited and humbled to have this consortium of marquee investors partner Avanti in our goal of building a population scale platform to usher in the next era of financial inclusion," said Chief Executive Officer Rahul Gupta.
"One that will be digital-first and empower our users towards stronger financial health and economic opportunities. This is a testimony of the passion of entire Avanti team," he added.
Avanti is building a scalable partner ecosystem that includes social enterprises, financial institutions, business correspondents, and agri-tech innovators across the country. (ANI)