Finarkein Analytics, a SaaS startup in the Digital Public Infrastructure (DPI) space, has raised $4.75 million in a pre-Series A round funds round.
The round was led by Nexus Venture Partnerswith additional participation from existing investors including IIFL’s Fintech Fund, Eximius Ventures and angel investors such as Nitin Gupta of Uni and Chirag Jain of Ashika Group.
What does Finarkein Analytics do?
Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein Analytics offers a data orchestration and workflow platform.
The startup’s data and workflow orchestration platform enables enterprises to co-create data products on India’s emerging digital public infrastructure (DPI) such as the Account Aggregator (AA) ecosystem, Open Network for Digital Commerce (ONDC) financial services, and Open Credit Enabling Network (OCEN).
The Pune-based startup claims that its online platform has emerged as a leading enabler for over 50 companies to publish and consume data on DPI, with over 40 million Indians using its integrated data products to securely provide consent and share data through licensed NBFC-AAs in the last 12 months.
New product development and expansion
Finarkein Analytics plans to use the capital raised for the development of new products and the expansion of its market reach.
“India’s unique approach to digital infrastructure is transforming the landscape, with significant value being delivered 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 DPI, both in India and beyond,” said Nikhil Kurhe, Co-Founder and CEO, Finarkein.
Anand Datta, Partner at Nexus Venture Partners, said, “We have been closely following the account aggregator space and have been impressed by Finarkein’s relentless focus and execution. They have created a new market category and have scaled this vertical on their own. We believe Finarkein is on its way to becoming India’s largest DPI and data infrastructure company.”
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