AdvaRisk in talks to raise $20-25 million from Fundamentum
ICICI Bank-backed AdvaRisk is in talks to raise $20-25 million, or approximately ₹190-237.5 crore, from investors including Fundamentum, according to two people aware of the matter.
The deal is still in the early stages and could change as the company is also in discussions with other investors. AdvaRisk and Fundamentum did not respond to Mint’s emails sent on Monday.
Founded in 2016, AdvaRisk helps banks and financial institutions identify financial fraud, assess borrower risk and improve recoveries from loan defaults. It automates the identification of red flags in lender accounts and builds a database of real estate and other assets linked to defaulters, allowing lenders to identify assets against which they may be able to recover dues.
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The company claims to work with several major financial institutions, including SBI, ICICI Bank, IDBI Bank, Punjab National Bank and AU Small Finance Bank. AdvaRisk has raised $7.89 million across four equity rounds so far, according to Tracxn, and its revenue rose to ₹11.8 crore in FY25.
The fundraise discussions come as banks contend with increasingly sophisticated fraud and a growing need to track and recover stressed assets. Reserve Bank of India data shows the amount involved in bank fraud cases rose to ₹48,021 crore in FY26, from ₹32,803 crore in FY25, even as the number of cases fell.
For Fundamentum, the potential investment follows the May launch of its third fund, Fundamentum Frontier Advisors, a ₹3,000-crore vehicle targeting growth-stage artificial intelligence, consumer technology and frontier technology startups in India.
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