The founders of CRED and QED Innovation Labs LLP, Kunal Shah, Chattanathan D, the founder of Arya.ag, Samit Shetty, the founder of Chaitanya Microfinance and the former CEO of Navi Finserv, Subramanya S. V., the founder of Fisdom, and a group of techie angels led by Vinay Bhat participated in Navanc Data Sciences Pvt. Ltd.’s seed round of funding In order to make using assets for financial access a reality despite all the paperwork hurdles, Navanc is developing the nation’s first creditworthiness score for properties and assets.
Through institutional partnerships with important financial institutions, including a sizable HFC and a small finance bank, the company is currently evaluating its product.
The money obtained in this round will assist Navanc in hiring young engineers who want to address one of the major issues facing India’s financial services sector and in ramping up the product for market launch.
Navanc uses DeepTech to provide comprehensive data on the asset or property under evaluation and seeks to deliver real-time data on the credit worthiness of the property.
Layers of data from numerous sources, including geospatial insights, legal background checks, and crime reporting on properties, have been used to build the solution.
It has partnered with other start-ups, including Skyserve.ai, CrimeCheck.ai, and others, to obtain accurate data. Navanc’s founder, Nagachethan S. M. The founder of Navanc, Nagachethan S. M., stated, “Despite being the second-largest asset class in India, after only gold, land and homes are extremely under-leveraged.
Customers are frequently uninformed of an asset’s trustworthiness, and mortgage-based loans in India, such as home loans, working capital loans, and business loans, are subject to laborious procedures.
Financial institutions frequently have doubts about an asset’s ability to be sold; as a result, loans end up on their books as bad debt. In order to help individuals leverage their assets for financial gain, Navanc is developing the first complete credit score mechanism in India.
Therefore, rather than using the currently common loan to value, we are building lifetime value (LTV) (LTV). Additionally, the product would significantly improve rural and semi-urban communities’ ability to receive financial loans.”
Navanc has previously participated in esteemed accelerator programs like the Brigade Real Estate Accelerator Program and the ShelterTech accelerator at Habitat for Humanity (Brigade REAP).
As a part of the Bharat Inclusion Initiative, a program conducted by startup accelerator CIIE.CO, based in IIM Ahmedabad, it was also a Financial Inclusion Champion.