Pune-based Finarkein Analytics has successfully raised $4.75 million in a pre-Series A funding round led by Nexus Venture Partners. The round also saw participation from existing investors, including IIFL’s Fintech Fund and Eximius Ventures, as well as angel investors such as Nitin Gupta from Uni and Chirag Jain from Ashika Group.
Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein Analytics has developed a data and workflow platform that enables enterprises to co-create data products on India’s burgeoning digital public infrastructure (DPI), including the account aggregator (AA) ecosystem and ONDC-Financial Services. The company has been at the forefront of leveraging DPI to enhance data accessibility and utility for businesses and consumers alike.
“India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond,” said Nikhil Kurhe, Co-founder and CEO of Finarkein.
Over the past 18 months, Finarkein’s platform has emerged as a leading enabler for over 50 enterprises to publish and consume data on DPIs. The company reports that more than 40 million Indians have used Finarkein’s embedded data products to securely grant consent and share data through licensed NBFC-AAs.
Anand Datta, Partner at Nexus Venture Partners, expressed confidence in Finarkein’s potential, noting, “I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up.”