Navanc, an innovative FinTech startup based in India, has gained significant traction by launching the country's first AI-powered property score and stack aimed at revolutionising secured lending and insurance practices. Recently, the company announced that it successfully raised $1 million in a seed funding round. The round was spearheaded by Prarambh Ventures, with substantial participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and various notable angel investors.
The newly acquired funds are earmarked for expanding Navanc's operational presence throughout India, specifically targeting urban and semi-urban locations. In addition to expansion, the company plans to enhance its capabilities in AI FinTech by integrating Generative AI and Computer Vision models to realise its vision of becoming India’s leading provider of Property Credit Scores and Stacks.
Founded in 2021 by CEO Nagachethan S M and CTO Byomkesh Jha, Navanc capitalises on the team's expertise in technology and finance. Nagachethan, with his focus on innovation within the banking, financial services and insurance (BFSI) sector, leads the company's strategic vision. Byomkesh, a seasoned professional in data science, is responsible for ensuring the successful implementation of Navanc’s technological objectives.
The funding round has attracted praise from industry insiders. Mr Mitesh Shah, Co-Founder of Inflection Point Ventures, noted, “Banks, NBFCs, HFCs all face the same challenges in mortgage and property assessment: inconsistent and time-consuming property valuations, lacking both transparency and data to build trust.” He emphasised how Navanc's solutions provide precise and scalable property valuations, which in turn helps industry players make informed decisions based on real-time data, thus mitigating risks for both lenders and buyers.
Mr Sreenivas Ramarao from Prarambh Ventures echoed similar sentiments, stating, “We believe Navanc is the pioneer in delivering AI and Digital services in making the real estate transactions faster, cheaper, reliable and more accurate.” He conveyed confidence in Navanc’s team and their capability to deliver user-friendly products in the financial technology sector.
In comments highlighting the pivotal role of collaboration in driving growth, Abhay Garg, Head of Brigade REAP, remarked, “Brigade REAP has played a key role in refining and accelerating growth for Navanc, who have shown immense potential in revolutionizing property assessment through their innovative solutions.” He further elaborated that Navanc's strengths lie in streamlining financial access by integrating advanced technologies like AI, IoT, and Blockchain for secure and transparent transactions, thereby establishing itself as a transformative player in the PropTech sector.
Nagachethan S M, expressing gratitude towards investors, said, “We’re grateful for the support of our investors and excited to further our mission of revolutionizing secured lending and insurance practices in India.” He indicated that Navanc's AI-powered solutions are engineered to facilitate quicker, more transparent property transactions, thereby making these services more accessible to diverse populations.
Currently, Navanc operates in several tiered cities across six states, with plans to extend its reach nationwide under its “Bharat Vision.” This ambitious strategy aims to foster financial inclusion across India, transforming property lending and insurance practices on a broader scale.
Since its inception, Navanc has developed a robust technology stack that streamlines processes in secured lending, insurance, and property aggregation within the BFSI sector. Its solutions are noted for drastically reducing turnaround times, enhancing the transparency of transactions, and improving credit decision-making and portfolio management.
The Indian property lending market is anticipated to experience substantial growth, with an escalating demand for digital and AI-enabled solutions that facilitate secure transactions. As a forerunner in this sector, Navanc is well-positioned to harness the benefits of these emerging trends in AI automation for businesses, reshaping the landscape of property assessments in India.
Source: Noah Wire Services