Navadhan, a fintech startup focused on rural India, has raised 111 crore rupees (US$12.8 million) in its series A funding round.

The round was led by NabVentures, the venture capital arm of the National Bank for Agriculture and Rural Development (NABARD), with co-lead participation from Prime Ventures.

Investors included LNB Group, Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid, and Anicut.

The fundraising exceeded the company’s initial target of 80 crore rupees (US$9.2 million).

Navadhan plans to use the funds to expand its operations, enhance its technology platform AceN, and diversify its loan offerings.