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Avail Finance funding

avail finance

Neobanking startup Avail Finance announced on Monday that it has roped up Rs 24 crore in debt financing led by Alteria Capital. 

So far, the startup has raised $21.6 million in equity from Matrix Partners, Falcon Edge, and Ola.

Commenting on the development, Ankush Aggarwal, Founder and CEO, Avail Finance, remarked, “We continue to stay focused on delivering a seamless experience for our customers, and this financial year, the priority will be to diversify our product portfolio, service offerings, and offer financial services to the ever-growing young population. The funding from Alteria is a testimony to the trust that the major ecosystem players are placing in us while we progress in our journey of financially including every Indian.”

During the COVID-induced lockdown, Avail granted interest-free loans to more than 100,000 gig workers who lost their source of livelihood, supporting them flow through the financial hardship. To date, it has processed loans for more than 300,000 customers. 

Speaking about the latest funding, Punit Shah, Partner, Alteria Capital said, “We are very happy to partner with Avail in their journey of taking financial services to the underserved and credit-starved blue-collared workforce in India. Their proprietary model is custom-made to suit the financial needs of consumers in their segment.”

Established in 2017 by Ankush Aggarwal and Tushar Mehndiratta, Avail Finance is a fintech startup and is focused on the gig economy segment. The Bengaluru-based startup has evolved from a lending platform to the blue-collar workforce to now a neo-bank with products in multiple categories, like savings, insurance, investment products, etc. 

It plays an essential role in promoting the financial health of a segment, which is playing a significant role in catering to the Indian population. It serves a section that has low credit card penetration, no credit history, and minimum cash reserves.

Avail Finance is helping several gig workers sail through the pandemic. The latest funding will enable the company to scale its operations and serve more people in need.

Shishir Gupta, Founder and CEO, StartupLanes

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