Bengaluru-based Avanti Finance has secured $24 million equity funding from Rabo Partnerships, the wholly owned subsidiary of the Rabobank Group focused on financial inclusion and rural development, and IDH Farmfit Fund. Existing investors Oikocredit and NRJN Trust also participated in the fundraise. The investment will support Avanti to provide frictionless, affordable and hyperlocal credit products to smallholder farmers in India, enabling them to build sustainable livelihoods.
The funds will provide support for the company to provide affordable and localised credit products for smallholder farmers in India. More than 180 specialised loan products have already been created, with the investment also supporting remote customer interactions and partnerships with financial institutions for capital efficiency; Avanti aims to increase the number of served households to 1.5 million within two years, with an AUM of over INR25bn ($336m).
