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BENGALURU: Technology-led non banking finance company (NBFC) Avanti Finance on Thursday said it has raised $ 15 million (around 111 crore) as part of its Series A extended round from existing investors Oikocredit, Nomura, The Bill & Melinda Gates Foundation, and Dr. K R Shroff Foundation.

With this round, Avanti has concluded its Series A fundraise, raising a total of $41 million in a mix of equity and debt.

According to Avanti, the funds will be used to strengthen its deep tech platform, bolster data science, enhance product suite and expand the team to further credit operations.

It will also strengthen its ecosystem to partner with mission aligned social enterprises and foundations, financial institutions, business correspondents and agri-tech innovators across the country, who can leverage Avanti’s platform to serve users in a digital first manner providing for scale and sustainability.

"The Avanti team is excited and ready to accelerate our mission. We are grateful to our Board and investors for reposing their faith in our unique business model to democratise credit to the next 100 million households and make every loan an impact story," said Rahul Gupta, chief executive officer of Avanti.

Avanti’s leadership team consists of chief product & technology officer, Lalitesh Katragadda; chief operating officer, Manish Thakkar; chief of partnerships, Sunil Kumar Tadepalli, among others.

Unitus Capital acted as the exclusive financial transaction advisor to Avanti.

Avanti is a digital platform that facilitates a paperless, presence-less, and cashless approach to lending aimed towards reducing costs and friction for unserved and underserved segments, especially in rural India.

It partners with a diverse set of organisations, rooted in local communities, to offer loan products that are hyperlocal and focused on livelihood sustainability.

Avanti reaches 21 states covering 200 districts and is looking at expansion.

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