Bengaluru-based NBFC Avanti Finance has raised $14.2 million (about Rs 120 crore) from Dia Vikas Capital, along with some of the existing investors such as IDH Farmfit Fund, NRJN Family Trust, Rabo Partnerships, and some high net-worth individuals in an extended Series B equity funding round.
Das Vikas Capital is a subsidiary of Opportunity International Australia.
In 2023, Avanti Finance raised $24 million in a Series B funding round. With the latest funding, the total amount raised stands at around $80 million.
The company will utilise these funds to increase its loan book, strengthen the capabilities of its technology platform, and augment distribution channels in rural and urban segments.
Launched in 2018, Avanti Finance offers small-ticket loans for income generation, working capital to micro enterprises and has recently made its foray into the urban gig worker segment.
The company’s early investors include The Bill & Melinda Gates Foundation, Oiko Credit and Nomura.
With an asset book of Rs 1,640 crore, the company operates at over 700 branches spread across 27 states.
Unitus Capital acted as exclusive financial transaction advisor to Avanti and Abhiraj Krishna Associates acted as legal advisors in the latest funding round, the company said in a note.
So far, Dia Vikas has made over 25 investments in inclusive finance including microfinance and livelihood development, focusing exclusively on companies based in India. Some of its most impactful investments include ESAF Small Finance Bank, Satya Micro Capital, Cashpor Micro Credit.