Bengaluru-based Avanti Finance, a technology-driven Non-Banking Financial Company (NBFC) dedicated to financial inclusion, has successfully raised $14.2 million (Rs 120 crore) in equity funding. The round saw participation from Dia Vikas Capital, existing investors including IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships, and a select group of high-net-worth individuals (HNIs).
This funding builds upon Avanti Finance’s previous success in raising $24 million during a Series B round in April of the previous year, bringing the total amount raised to approximately $80 million. Founded in 2018, Avanti Finance focuses on providing small-ticket loans primarily for income generation and working capital to micro-enterprises. Recently, the company has expanded into the urban gig worker segment, offering accessible financial products to a previously underserved demographic.
Avanti Finance has created a unique, asset-light distribution model that leverages a network of curated partners. These include smaller financial institutions, agtech players, and fintech partners who collectively help serve customers through more than 700 branches across 27 states and 430+ districts. This model has proven scalable and capital-efficient, allowing the company to broaden its reach.
The company reports having served 900,000 low-income households with an Asset Under Management (AUM) of Rs 1,640 crore. Remarkably, 90% of its borrowers are women, with loan products tailored to mirror livelihood-specific cashflows, facilitated by Avanti’s advanced technological platform.
Arpita Pal Agrawal, MD & CEO of Dia Vikas Capital, expressed excitement about the partnership, stating, “We are really excited to partner with Avanti and support their vision to create impactful change at scale across India. By combining technology with a curated network of partners, Avanti is offering hyperlocal, crowdsourced loan products that are well-suited to the financial needs of low-income households.”
Dia Vikas Capital, a subsidiary of Opportunity International Australia, focuses on supporting inclusive financial service providers with scalable, sustainable, and digital solutions to alleviate poverty and improve financial well-being.
The current funding is expected to help Avanti Finance expand its reach, scale operations, and deepen its impact on financial inclusion in India.
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