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Pune-based Finarkein Analytics on Tuesday said it raised $4.75 million in a pre-Series A round led by Nexus Venture Partners. Existing investors IIFL’s Fintech Fund and Eximius Ventures, and angels like Uni’s Nitin Gupta and Ashika Group’s Chirag Jain also participated in this round.

Founded in 2019 by Nikhil Kurhe and Dheeraj Kumar, Finarkein’s data and workflow platform allows enterprises to co-create data products on India’s digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, and ONDC-Financial Services.    

“India’s approach to digital infrastructure has been unique wherein a lot of value is directly passed onto end consumers. DPIs like the account aggregator are only accelerating this, and at Finarkein we’re glad to be a part of this movement from day zero and scale it further. Finarkein’s trusted data products will play a significant role in unleashing the potential of DPIs in India and beyond,” said Kurhe, Co-founder and CEO, Finarkein.

Over the last 18 months, Finarkein’s platform has emerged as the leading enabler for over 50 enterprises to publish and consume data on DPIs, the company says. Also, over 40 million Indians have leveraged Finarkein’s embedded data products to securely grant consent and share data via licensed NBFC-AAs.

“I have been following the account aggregator space fairly early and came across Nikhil and team Finarkein as winners of the AA hackathon back in 2020. They have only since doubled down on the space, and we have seen Finarkein single-handedly scale this vertical and build a new category from the ground up,” added Anand Datta, Partner, Nexus Venture Partners.