Data analytics firm Finarkein Analytics has raised $4.75 million in a pre-series A funding round led by Nexus Venture Partners. Existing investors IIFL Fintech Fund and Eximius Ventures also participated in the round, along with angel investors like Nitin Gupta of Uni and Chirag Jain of Ashika Group, according to a statement on Tuesday.
The Pune-based company plans to use the new funds for product development and expansion.
Founded in 2019, Finarkein is a B2B software startup offering a data and workflow orchestration platform. It enables enterprises to co-create data products on India’s digital public infrastructure (DPI), including the Account Aggregator (AA) ecosystem, Open Network for Digital Commerce (ONDC) Financial Services, and Open Credit Enablement Network (OCEN).
“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, cofounder and CEO of Finarkein.
This funding round follows a seed round two years ago, co-led by IIFL Fintech Fund, in which Finarkein raised an undisclosed amount.
The company was conceptualised in response to the Reserve Bank of India’s master circular on the account aggregator framework, aimed at democratising financial data access for regulated entities. Over the past 18 months, Finarkein’s platform has become a leading enabler for over 50 enterprises to publish and consume data on DPIs, with more than 40 million Indians using its embedded data products to securely grant consent and share data via licensed NBFC-AAs, it said.
“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,” said Anand Datta, partner, Nexus Venture Partners.
