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The amount has been raised from Matrix Partners India as well as marquee investors like Bhavish Aggarwal and Ankit Bhati (Ola founders), Binny Bansal (Flipkart co-founder and Group CEO), Kunal Shah (Freecharge founder) and Manish Patel (founder and CEO of Mswipe).
The company intends to use the funds to expand its business and also build its loan book.
"In the last one year, we have given out about 4,000 loans and the loan book is at about Rs 5 crore. We want to grow this to about Rs 100 crore by the end of the fiscal," he said.
He explained that this segment often doesn't have a credit history because of which the blue-collared workforce finds it difficult to secure loans from traditional channels.
He added that the company uses multiple data sources to offer credit ranging between Rs 5,000 and Re 60,000 for a period of up to nine months.
Avail Finance has previously raised about USD 200,000 from friends and family.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)