AdvaRisk nears $20M round with Anicut, Fundamentum
Three people familiar with the matter told Mint that Mumbai-based AdvaRisk, which has been eyeing a $20 million funding round, is moving closer to finalizing the fundraise with Anicut Capital's growth fund set to join Fundamentum as an investor in the company.
The round will include both primary and secondary share sales, and is expected to close in the next 15-20 days. Existing investors, including Sprout Venture Partners, SEA fund and a few other angel investors, may look to exit as part of the round. NABVENTURES, the venture capital arm of NABARD, may also participate.
Founded in 2016 by Vishal Sharma and Rahul Metkar, AdvaRisk helps banks and financial institutions detect fraud, assess borrower risk and improve recoveries from loan defaults. It builds a database of real estate and other assets linked to defaulters, allowing lenders to identify assets against which they may recover dues. The company also automates the identification of red flags in lender accounts.
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AdvaRisk claims to work with several major financial institutions, including ICICI Bank, SBI, IDBI Bank, Punjab National Bank and AU Small Finance Bank. According to data platform Tracxn, the company has so far raised $7.89 million across four equity rounds and was last valued at about ₹231 crore in April 2023.
The fundraising attempt comes as India's largest banks strengthen cyber defences, hire specialized talent and expand insurance coverage amid concerns that increasingly sophisticated artificial intelligence tools could enable faster and harder-to-contain cyberattacks.
Bank fraud cases fell sharply to 10,114 in fiscal year 2026 (FY26), from 23,722 in FY25 and 35,800 in FY24. However, the amount involved rose to ₹48,021 crore in FY26, from ₹32,803 crore in FY25 and ₹11,013 crore in FY24, according to the Reserve Bank of India's annual report released in May.
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