Navanc, a fintech startup, has raised $1 million in seed funding round led by Prarambh Ventures. The round also saw participation from Inflection Point Ventures (IPV), Brigade REAP, FirstPort Capital, and marquee angel investors.
The funds will be used to expand its operations across India, with a focus on strengthening Navanc’s presence in urban and semi-urban areas. Additionally, the startup will bolster its AI FinTech capabilities by incorporating Generative AI and Computer Vision models.
Nagachethan S M, CEO, Navanc, 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. Our AI-powered solutions are set to make property transactions faster, more transparent, and accessible to all.”
Mitesh Shah, Co-Founder, Inflection Point Ventures, said, “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. By providing precise & scalable property valuation, transparency and reliability, Navanc helps every player in the industry make informed decisions based on real-time assessment, data and knowledge of legal and technical aspects. Thus reducing risks for both lenders and buyers. As investors, we are confident in Navanc’s potential to make property valuation efficient, trustworthy and data-driven.”
Sreenivas Ramarao, from Prarambh Venture said, “We believe Navanc is the pioneer in delivering AI and Digital services in making the real estate transactions faster, cheaper, reliable and more accurate. We also have great confidence in the team and are fully confident of their ability to deliver user friendly products in the space.”
“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. Navanc’s strengths lie in its ability to streamline financial access for properties by integrating AI, IoT and Blockchain for secure, transparent transactions, making it a transformative player in the PropTech sector. Our association with Navanc is testament to our commitment to fostering innovation in the PropTech sector,” said Abhay Garg, the Head of Brigade REAP.
Founded in 2021 by Nagachethan S M (CEO) and Byomkesh Jha (CTO and Data Officer), Navanc has developed a cutting-edge technology stack that streamlines secured lending, insurance, and property aggregation practices in the BFSI sector.
Navanc is building AI-powered property score and stack for secured lending and insurance practices. By integrating advanced technologies like AI, IoT, and Blockchain, the company ensures secure, transparent, and reliable transactions, setting a new benchmark in the PropTech sector. Its comprehensive collateral reporting, powered by cutting-edge AI and ML models, significantly enhances credit decision-making and portfolio management for the BFSI industry.
Currently operating across Tiers of cities in about 6 states, Navanc is focused on expanding its reach to all states under its Bharat Vision.
