Data analytics startup firm, Finarkein Analytics has closed its first round of funding at $4.75 million in the Pre-Series A funding round. The latest round was invested by Nexus Venture Partners while existing investors include IIFL’s Fintech Fund and Eximius Ventures and some angel investors included Nitin Gupta, founder of Uni, and Chirag Jain, CEO of Ashika Group.
Image Source: Finarkein Analytics
Funding Details
The amount raised is $4.75 million. The lead investor is Nexus Venture Partners. Other Participants include the Fintech Fund of IIFL, Eximius Ventures, Nitin Gupta, and Chirag Jain for product enhancement and growing its range of products. Finarkein’s projections are consistent with India’s goal of attaining a $7 trillion economy by 2030. The firm’s identification of DPIs such as the account aggregator ecosystem, UPI, and ONDC will reduce the cost of financial services and facilitate innovation and distribution.
Vision and Mission of Finarkein
Finarkein Analytics was founded in 2019 that support digital service providers through a data analytics revolution spearheaded by Nikhil Kurhe and Dheeraj Kumar. The company provides a portfolio of SaaS and data solutions for business-to-business that enable data environments. They aim to help enterprises create data products on DPI in India that include the account aggregator (AA) and the Open Network for Digital Commerce (ONDC).
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Market Expansion and Strengthening Ecosystem
The fresh capital will enable the expansion of Finarkein’s data and workflow orchestration platform. DPI provides a platform to publish and consume data of DPIs that can help enterprises provide more and better financial solutions. Active contracts are growing, and the company has plans to venture into more markets. It has established itself in the DPI space as one of the frontrunners for over 50 enterprises to provide and use data in the past 18 months. Finarkein is the right platform for supporting India’s model of internet infrastructure intends to transfer a major value to end consumers. In this way, utilizing other DPIs such as the account aggregator Finarkein is ready to expand the organization and make a positive impact on the financial sector as a whole.
Future Plans of Finarkein Analytics
Finarkein intends to be the premier DPI company in India that specializes in handling data and digital infrastructure. Their vision is that every financial journey in India should become the Account Aggregator (AA), a native journey within the next three years. It is acknowledged that by adopting DPIs such as the account aggregator ecosystem, UPI, ONDC, and OCEN, Finarkein aims to make financial services cheaper and attainable. Concerning compliance with robust privacy and security measures, they deliver the best experience for credit, insurance, and wealth advisory services.
Product innovation will be driven by their latest fundraiser. It expects to diversify its coverage to even more markets and keep helping enterprises publish and consume data on DPIs. Nexus Venture Partners acknowledges Finarkein as India’s first and leading data and DPI infra company. It is their dedication to co-designing necessary data products on new digital architecture that can distinguish them. Finarkein’s journey is typical of the Indian model of digitalization enables value to be passed directly from the firm to the end consumer.
Conclusion
Finarkein Analytics receives a major boost in funding, which is a significant achievement for the firm. The existence of prominent investors and the defined development plan proves that the company is ready to become a market leader in developing digital public infrastructures in India. Thus, for the further development and growth of the company, Finarkein will have an invaluable contribution in forming the prospect of the financial service sector in India.
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