The NBFC plans to use the new capital to enhance its loan portfolio, strengthen its deep technology capabilities for product innovation and expand across rural and urban regions.

Avanti Finance claims to have raised a total of $80 million in equity capital to date.

The funding round also saw participation from existing investors IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships and select HNIs (high net worth individuals).

Bangalore-based non-banking financial company (NBFC) Avanti Finance has secured $14.2 million (around INR 120 Cr) in a funding round from Dia Vikas Capital, along with participation from existing investors IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships and certain HNIs (high net worth individuals).

The NBFC plans to use the fresh capital to enhance its loan portfolio, build deep tech capabilities for product innovation and expand across rural and urban regions.

Avanti Finance says it has raised a total of $80 million in equity funding so far.

“We are delighted to have Dia Vikas Capital partner on Avanti’s journey to usher in a next-generation financial inclusion platform focused on creating sustainable livelihoods for the next 100 million households who are not/poorly served,” said Rahul Gupta, CEO of Avanti. Finance.

Founded in 2016 by former Tata Sons chairman Ratan Tata, Infosys co-founder Nandan Nilekani and economist Vijay Kelkar, Avanti Finance offers over 180 loan products customized to suit different livelihood and income types .

(Story will be updated soon)