Navanc, a pioneering FinTech startup, has successfully raised $1 million in seed funding to further its mission of transforming property lending and insurance practices in India. The funding round was led by Prarambh Ventures, with participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and other notable angel investors. The fresh capital will be used to expand Navanc’s presence across urban and semi-urban regions in India and enhance its AI-powered technology stack with Generative AI and Computer Vision models.
Building India’s First Property Credit Score Platform
Founded in 2021 by Nagachethan S M and Byomkesh Jha, Navanc is positioning itself as India’s first provider of an AI-powered property credit score and stack for secured lending and insurance practices. With its cutting-edge technology, the startup aims to address inefficiencies in the real estate transaction process, including inconsistent property valuations and a lack of transparency in property assessments. The platform’s ability to provide precise, data-driven property valuations, powered by AI, IoT, and Blockchain, offers a reliable solution for banks, non-banking financial companies (NBFCs), and housing finance companies (HFCs).
Investment Backers Confident in Navanc’s Potential
Investors are enthusiastic about Navanc’s potential to streamline property valuations and enhance the transparency and reliability of real estate transactions. Mitesh Shah, Co-Founder of Inflection Point Ventures – “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 Ventures – “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.
Revolutionizing the PropTech Sector with AI and Blockchain
Navanc’s technology stack combines AI, IoT, and Blockchain to offer secure, transparent, and efficient property transactions. This innovative approach allows the company to create comprehensive collateral reports, which significantly enhance credit decision-making and portfolio management for financial institutions. Abhay Garg, Head of Brigade REAP, praised Navanc’s ability to integrate these advanced technologies into its solutions, making it a transformative player in the PropTech sector.
Expanding Reach and Fostering Financial Inclusion
With its current operations spanning six states in India, Navanc is focused on expanding its reach under its “Bharat Vision,” which aims to foster financial inclusion and revolutionize property lending practices across the country. By providing a transparent and efficient property assessment platform, Navanc is poised to contribute to India’s growing demand for digital and AI-enabled solutions in the real estate and BFSI sectors.
A Vision for the Future of Property Transactions
Nagachethan S M, CEO of Navanc, expressed his excitement about the company’s future, thanking investors for their support. “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.”
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