Sharad Bhatia, the former managing director of Multiples Alternate Asset Management, and Vardarajan Srinivasan, the former deputy managing director of Axis Bank, also participated in their individual capacities.
The company, founded in 2016 by Vishal Sharma and Rahul Metkar, is developing an automated fraud detection platform meant for the corporate loan portfolio of financial institutions. It has already started working with banks, non-banking lenders and corporate entities in India.
“The need of the hour is an effective and a proactive credit monitoring solution for preventing frauds that plague our financial system and adversely affect our economy. We are developing solutions that enable lenders to prevent future frauds and maximize recovery from NPAs (non-performing assets),” said Vishal Sharma, cofounder, AdvaRisk.
Despite being an early-stage entity, it has already on-boarded few major banks and NBFCs as clients, the company said.
“The company also addresses fundamental needs of financial institutions to improve underwriting measures and to actively monitor portfolio for early identification and minimizing future distress,” said Sahil Gupta, managing partner at Sprout Venture Partners.