Pune: Finarkein Analytics, a well-known player in the data products market, has raised $4.75 million in the rapidly evolving Pre-Series A funding round for Digital Public Infrastructure (DPI) in India.
The lead investor in this round was Nexus Venture Partners, with support from current investors Chirag Jain of Ashika Group and Nitin Gupta of Uni, as well as IIFL's Fintech Fund and Eximius Ventures.
Founded in 2019, Finarkein has positioned itself as a market leader in the Account Aggregator and Digital Health categories, offering a robust data and workflow orchestration platform.
This platform empowers enterprises to co-create data products on India's burgeoning DPI frameworks, including the account aggregator (AA) ecosystem, ONDC-Financial Services, OCEN, and others.
Over the past 18 months, Finarkein's platform has facilitated over 50 enterprises in publishing and consuming data on DPIs, marking a significant milestone in the company's growth trajectory.
The newly secured funds will be strategically allocated towards the development of new products and the expansion of Finarkein's presence within the Indian financial services market.
The company aims to continue its role in revolutionizing the financial services sector by driving down costs and accelerating innovation, particularly through the proliferation of AA-native financial journeys.
Nikhil Kurhe, Co-founder and CEO of Finarkein, expressed his enthusiasm for the funding round, stating, "India’s unique approach to digital infrastructure is transforming the landscape, with significant value being passed directly to end consumers.
At Finarkein, we are proud to have been part of this movement from the beginning and are excited to scale our impact further. Our trusted data products will play a crucial role in unlocking the full potential of DPIs, both in India and beyond."
Anand Datta, a partner at Nexus Venture Partners, commented, "We have been following the account aggregator space closely and have been impressed by Finarkein's relentless focus and execution," in reference to Finarkein's innovative efforts in the AA space.
They have created a new market category and scaled this vertical on their own. We believe that Finarkein is on track to become India's foremost data and DPI infrastructure company."