Navanc Raises $1M Seed Funding to Revolutionize Secured Lending with AI-Powered Property Score
- Navanc, India’s first AI-powered property score and stack for secured lending and insurance, integrates advanced AI, IoT, and Blockchain for secure transactions.
- The funds will support expansion across Tier 1–4 cities and enhance its AI capabilities with Generative AI and Computer Vision models.
- So far, Inflection Point Ventures has invested over INR 790 Cr across 210+ startups
Gurugram, 11th
December 2024: Navanc, a
pioneering FinTech startup building India’s first AI-powered property score and
stack for secured lending and insurance practices, has successfully raised $1M
in a seed funding round. The round was led by Prarambh Ventures, with
participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort
Capital, and marquee angel investors.
The funds will be directed toward expanding 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 to further its vision of
becoming India’s first Property Credit Score and Stack provider.
Navanc was founded by Nagachethan S M, CEO, and Byomkesh Jha, CTO and Data
Officer, in 2021. With a strong background in technology and finance,
Nagachethan leads Navanc’s vision and strategy, driving innovation in the BFSI
segment. A seasoned data science professional , Byomkesh oversees Navanc’s
Technology and Data Science, ensuring seamless execution of its AI and Tech
goals.
Mr Mitesh
Shah, Co-Founder, Inflection Point Ventures, says, ”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.”
Mr Sreenivas
Ramarao, from Prarambh Venture opines,
“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” commented Abhay
Garg, the Head of Brigade REAP.
Navanc stands out as India’s first FinTech
startup to introduce an AI-powered property score and stack, specifically
designed 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.
Nagachethan
S M, CEO, Navanc, says, “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.”
Currently operating across Tiers of cities in
about 6 states, Navanc is focused on expanding its reach to all statesunder its
Bharat Vision. This strategic move aims to foster financial inclusion across
India, transforming property lending and insurance practices nationwide.
Since its inception in 2021, Navanc has developed a cutting-edge technology
stack that streamlines secured lending, insurance, and property aggregation
practices in the BFSI sector. Its innovative solutions significantly reduce
turnaround time, enhance transparency, and facilitate improved credit
decision-making and portfolio management. The Indian property lending market is
poised for exponential growth, with a rapidly increasing demand for digital and
AI-enabled solutions to facilitate secured transactions.
About Navanc
Navanc, founded in 2021 by Nagachethan S M and Byomkesh Jha, is a FinTech
innovator developing AI-driven solutions for secured lending and property
aggregation in the BFSI sector. With a focus on building India’s first property
credit score and stack, Navanc is transforming the way financial institutions
assess and manage collateral.