Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

Bengaluru based online lending startup Avail Finance has raised $17.2 million in a Series A round that saw participation from the founders of marquee Indian Internet companies including Ola's Ankit Bhati and Bhavish Aggarwal, Freecharge founder Kunal Shah, Flipkart founder Binny Bansal along with Mswipe founder Manish Patel.
Matrix Partners led the round. The funding round was a mix of both equity and debt for the company with the debt coming in from banks and other non-banking finance companies.
Avail Finance lends to consumers who work as office boys, cleaning staff and in other blue collar jobs at big companies and plans to grow their portfolio with the latest round.
"We plan to be able to disburse loans on a click of a button and make our decision making process quicker, for that we will need to strengthen the platform with our fresh funds," said Ankush Aggarwal, chief executive officer, Avail Finance.
Lending within the broader range of Rs 5000 to 60,000 for an average tenure of eight months, the non banking finance company has tied up with more than 12 corporate entities to source its prospective borrowers.
"We have a net outstanding of around Rs 5 crore since February last year when we went live and have disbursed 4000 loans so far," said Agarwal. While the company is extending short duration term loans as of now, it has plans to enter into a line of credit business as well.

Trending News

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities