New Delhi, Sept. 1 -- ICICI Bank-backed startup AdvaRisk, which helps banks and financial institutions detect fraud and assess borrower risk, is in talks to raise $20-25 million, or about Rs.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, the people added. AdvaRisk and Fundamentum did not respond to Mint's emails sent on Monday.

Fundamentum is a venture capital firm backed by Infosys co-founder Nandan Nilekani, venture capitalist Sanjeev Aggarwal and Ashish Kumar. Its portfolio includes KukuFM, Wishlink, AppsForBharat and FlexiLoans.

The potential investment comes after F...