Finarkein Analytics raises $4.75 million led by Nexus Venture Partners

Finarkein Analytics, a SaaS startup in the Digital Public Infrastructure (DPI) space, has raised $4.75 million in a pre-Series A funding round.

The round was led by Nexus Venture Partners, with additional participation from existing investors including IIFL’s Fintech Fund, Eximius Ventures, and angel investors like Nitin Gupta from Uni and Chirag Jain from Ashika Group. 

What does Finarkein Analytics do?

Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein Analytics offers a data and workflow orchestration platform. 

The startup's data and workflow orchestration platform allows enterprises to co-create data products on India's emerging digital public infrastructure (DPI), like the account aggregator (AA) ecosystem, Open Network for Digital Commerce (ONDC) Financial Services, and Open Credit Enablement Network (OCEN).

The Pune-based startup claims that its online 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 through licensed NBFC-AAs in the past 12 months.

Developing new products and expansion

Finarkein Analytics plans to use the raised capital 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 passed 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 DPIs, both in India and beyond," said Nikhil Kurhe, Co-founder and CEO of Finarkein.

Anand Datta, a partner at Nexus Venture Partners, said, "We have been following the account aggregator space closely and have been impressed by Finarkein's relentless focus and execution. They have created a new market category and scaled this vertical on their own. We believe that Finarkein is on track to become India's foremost data and DPI infrastructure company."