Bengaluru-based Avanti Finance is a digital platform that aims to foster financial inclusion. It recently raised $26 million (Rs 195 crore) in debt and equity from Oikocredit, Nomura and the Bill and Melinda Gates Foundation. Other backers include Ratan Tata and Nandan Nilekani and a partnership with the Michael and Susan Dell Foundation. RAHUL GUPTA, Chief Executive Officer of Avanti Finance, spoke to Raghu Mohan on the approach of the model. Edited excerpts:
How do you go about serving the unbanked, or the new-to-credit, given the poor penetration of technology?
You are right, in that a lot of customers are not very high up in their own digital journeys. That’s why we set out to solve the hard problem of changing the nature of credit at the bottom of the pyramid for the next 100 to 120 million households. The first step is to do it digitally, but with an assisted-mode. Unlike in the big cities, where people can just download an app and fill in the details, it doesn’t work that way in rural places. The second leg of the model is a network of community partners to provide access to customers.
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First Published: Mon, June 21 2021. 06:10 IST