The US International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) on Friday said they are jointly sponsoring a $55 million ( ₹400 crore) credit guarantee to address the economic impact of covid-19 by supporting loans to farmer producer organisations, ag-tech companies, and companies engaged in clean energy solutions for the agriculture sector.

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.

Avanti Finance has raised Rs 195 crores in debt and equity from Oikocredit, Nomura and the Bill & Melinda Gates Foundation. Technopreneur cum philanthropist Pratul Shroff & existing investor NRJN Trust also participated in the round.

It will use these funds to strengthen its platform and expand its presence to accelerate livelihoods purpose credit and other financial products to the next 100 million unserved and underserved households in India.

Ninjacart, a leading agri-platform, has partnered with Avanti Finance to provide easy credit access to agriculture value chain participants.

Avanti Finance, is proud to be associated with RBIH, Reserve Bank of India Innovation Hub as a scaleup partner for Swanari (स्व-नारी) TechSprint. The TechSprint is aimed at advancing digital financial inclusion for women in India. The Inaugural Swanari (स्व-नारी) TechSprint in India will connect fintechs, financial service providers, innovators and subject matter experts to collaborate, ideate and solve specific problems and code prototype solutions in real time. Swanari is Swanirbhar Nari meaning Self Reliant Lady.

Avanti Finance has today said, “It has raised Rs 15 crore in debt from Michael and Susan Dell Foundation.”

Avanti Finance in its statement said, “It will use the funds to provide unsecured loans of Rs 1.5 lakh to low-income borrowers in urban, and peri-urban areas in Madhya Pradesh, Gujarat, and Tamil Nadu for up to 30 months.”