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Ratan Tata and Nandan Nilekani’s Avanti Finance‘s standalone revenue from operations for the year ended March 31, 2024 rose 2.3X to Rs 240.40 crore, leading to a smaller loss in the period.

The jump in revenue was aided by a rise in Avanti’s interest income, which more than doubled to Rs 217.7 crore in the financial year ended March 31, 2024, compared with Rs 104.8 crore a year ago, indicating a significant expansion in its lending portfolio.

Loss for the year was Rs 13.8 crore, compared with a loss of Rs 50 crore a year ago. Total expenses rose 66.9% to Rs 264.9 crore.

Avanti Finance reported a total income of Rs 251 crore for the year.

Set up in 2016 by Tata, Nikelani and prominent economist Vijay Kelkar, the NBFC focuses on providing financial products to underserved and marginalised communities.

The Bengaluru-based NBFC had raised $24 million in a Series B funding round in April last year from Rabobank Group’s financial inclusion-focused firm, Rabo Partnerships. The company also counts IDH Farmfit Fund and Oikocredit among its investors.

Lending companies in India have had to contend with numerous changes in regulations, including increased scrutiny from the Reserve Bank of India, over the last year.

LendingKart Technologies reported a 36.59% jump in consolidated revenue from operations in the financial year, but its profit declined 97% because of higher expenses.