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Unnati Raises $1.7 Million From Nabventures Fund

Five fintech players EarlySalary, KreditBee, Kissht, CashE, and LoanTap have come together to form an association - FinTech Association for Consumer Empowerment (FACE).

Agritech startup Unnati has raised USD 1.7 million (about Rs 12.5 crore) in pre-series A funding from Nabventures Fund.

"Unnati has created a platform to digitalise the major components in the food and agribusiness value chain. The predictive capabilities of the data captured by the platform enhances efficiencies while its transparent processes help in building trust among farmers and FPOs (Farmer''s Producer Organisations)," Nabard and Nabventures chairman G R Chintala said in a release.

A subsidiary of Nabard, Nabventures is a venture growth equity fund that invests in agritech, food, agri/rural fintech and rural healthtech/edutech. It has an asset under management of USD 75 billion.  

Five fintech players EarlySalary, KreditBee, Kissht, CashE, and LoanTap have come together to form an association - FinTech Association for Consumer Empowerment (FACE).

The association was launched last week to promote a robust, diverse and inclusive FinTech ecosystem in the country, a release said.

It aims to drive ethical lending practices among the Indian FinTech sector and establish thought leadership in consumer finance by sharing best practices, consumer trends, and research insights and play an active role in the industry policy, the release said.                    

*Motilal Oswal Financial appoints Arvind Hali as MD, CEO of its housing arm

Motilal Oswal Financial Services (MOFSL) said its board has appointed Arvind Hali as the new managing director and chief executive officer of Motilal Oswal Home Finance (MOHFL).

The board has also appointed Amar Bahl as the deputy managing director and COO of the housing finance company, a release said.

The results of the first edition of National Startup awards will be released by Commerce and Industry Minister Piyush Goyal on Tuesday, an official statement said.

The Department for Promotion of Industry and Internal Trade (DPIIT) has conceived the first-ever award to recognize and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact, it said on Monday.

The winning startups will get cash prizes of Rs 5 lakh each, along with opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders.

The first edition of the awards invited applications across 12 sectors which were further sub-classified into a total of 35 categories.

(PTI)


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