Avanti Finance on Wednesday said it raised $26 million (Rs 195 crore) in Series A and debt from Oikocredit, Nomura, and the Bill and Melinda Gates Foundation. According to a statement, Avanti will use the funds to strengthen its platform and expand its presence to accelerate livelihoods purpose credit and other financial products to the next 100 million unserved and underserved households in India.
Founded in 2016 by Ratan Tata and Nandan Nilekani, Bengaluru-based social fintech startup Avanti Finance aims to enable sustainable livelihoods and empower the next 100 million households through accessible and affordable financial services.
“We are excited and humbled to have this consortium of marquee investors partner with Avanti in our goal to build a population scale platform to usher in the next era of financial inclusion — 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 the entire Avanti team.”, stated Rahul Gupta, CEO of the company.