Navanc raises $1M seed funding for secured lending with AI-powered property score

The funds will support expansion across Tier 1–4 cities and enhance its AI capabilities with generative AI and computer vision models

December 11, 2024: Navanc, a FinTech startup building AI-powered property score and stack for secured lending and insurance practices, has raised USD 1 million 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.

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 and 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.”

According to Sreenivas Ramarao, from Prarambh Venture, “We believe Navanc is the pioneer in delivering AI and Digital services in making the real estate transactions faster, cheaper, reliable and more accurate.”

“Brigade REAP has played a key role in refining and accelerating growth for Navanc, who have shown immense potential in revolutionising 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,” said Abhay Garg, head, 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, “Our AI-powered solutions are set to make property transactions faster, more transparent and accessible to all.”  Since its inception in 2021, Navanc has developed a technology stack that streamlines secured lending, insurance, and property aggregation practices in the BFSI sector.

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.co

 

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