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Avail Fin raises USD 17.2 mln to fund expansion plans

Press Trust of India  |  New Delhi 

Bengaluru-based today said it raised USD 17.2 million through equity, debt and credit lines.

The amount has been raised from as well as marquee investors like and (Ola founders), Binny Bansal (and Group CEO), Kunal Shah (Freecharge founder) and (founder and of Mswipe).

The company intends to use the funds to expand its business and also build its loan book.

Founded by and in February last year, focusses on lending to the country's blue-collared workforce.

"This segment is currently underserved by organised lending institutions and we want to create a seamless experience for them," Aggarwal, and of told

"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.

Aggarwal, who is the younger sibling of Ola Bhavish Aggarwal, said the company uses advanced technology, data sciences and to power the algorithm of its system.

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.)

First Published: Wed, March 14 2018. 11:10 IST