India, March 19 -- Rural India-focussed fintech startup Navadhan has reportedly raised INR 111 Cr ($12.8 Mn) as a part of its Series A funding round led by National Bank for Agriculture and Rural Development's (NABARD) venture capital arm NabVentures.

As per ET Now, citing a press statement, the round was co-led by Prime Ventures, along with participation from LNB Group and existing backers Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid and Anicut.

The startup reportedly said that its round, which had an initial target of INR 80 Cr, was oversubscribed to INR 111 Cr.

Navadhan plans to use the fresh capital to fuel growth and enhance its tech platform, AceN. Additionally, the capital will be deployed for expanding the startup...