Tata Sons chairman Ratan Tata, Infosys co-founder and Aadhaar architect Nandan Nilekani, and former finance secretary Vijay Kelkar have joined hands to start a microfinance venture. The micro-finance institution called Avanti Finance aims to lend to the poor.

Avanti Finance is termed to be a “technology-enabled financial inclusion vehicle,” a Tata Trusts statement said. It will apply for registration to the Reserve Bank of India (RBI). Nilekani and Tata will source investment from their respective philanthropic capital and any profits made by Avanti would be reinvested in their philanthropic causes.

Commenting on the development, Tata said, “Avanti will be a platform to impact the poor through credit at individual and community levels to create a lasting improvement in their livelihoods and standard of living, ushering prosperity.”

Avanti aims to leverage the social sector presence of Tata Trusts and other like-minded partners, UPI and payments bank ecosystem.

Nilekani said, “My participation in Avanti is more driven by social motivation rather than anything else — with a view to serve the under-served and un-served. Technology is an important differentiator and allows us to make a difference in many ways than one.”