Mumbai, Sept. 18 -- ICICI Bank-backed startup AdvaRisk, which has been eyeing $20 million in its latest round, is moving closer to finalizing the fundraise with Anicut Capital's growth fund set to join Fundamentum as an investor in the company, three people familiar with the matter said.

The funding round by the company that helps banks and financial institutions detect fraud and assess borrower risk, will include both primary and secondary share sales, and is expected to close in the next 15-20 days, the first person said on the condition of anonymity as the discussions are still private.

"NABVENTURES, the venture capital arm of NABARD, is an existing investor and may also participate in the round," a second person said.

"Existing inv...