Aviom India raises $8M from Sabre Partners
Aviom India Housing Finance, a fintech startup offering credit to low-income households, announced that it has raised $8 million in a Series C round from Sabre Partners.
Established in 2016 by Kajal Ilmi, Aviom India has operations in 14 states with more than 100 branches. It serves low-income households in both rural and semi-urban areas. The startup provides home loans for construction, improvement, sanitation, and renovation, besides granting loans against property for business requirements.
According to a statement, the loan ticket size ranges from Rs 50,000 to Rs 5 lakh, with an average disbursement of about Rs 3 lakh.
New Delhi-based Aviom also offers loans to women borrowers who do not have any formal income documentation. As per the startup, it provides livelihood to over 18,000 women living in rural areas through its Shakti Channel.
Speaking about the funding, Aviom Founder Kajal Ilmi said, “We are excited to partner with such pedigreed investors and shall be using the funds to expand our footprint and grow the business further.”
The startup had a gross loan portfolio of Rs 465 crore at the end of the 2020-21 financial year and strives to take it to Rs 1,000 crore by the end of the current financial year.
As per Aviom, its digital lending platform helps in boosting operational efficiency and decreasing turnaround time, ensuring effective credit decision-making.
The company has raised debt financing from over 40 lenders including public and private sector banks, global development finance institutions, and domestic FIs.
Top lenders of Aviom include Northern Arc, NHB, MAS Financials, Black Soil, IDFC First Bank, Jana small finance bank, AWater Equity, DFC, IndusInd Bank, SBI, and AU small finance bank among others.
Credit to the unsecured creditors has uncovered a new prospect for the fintech lenders in India where the loans are granted not based on traditional documentation but via other parameters.
Aviom India seems to be impacting the lives of several people residing in rural areas with its platform. I believe the company will soon emerge as a leading player in the fintech segment. My best wishes to the team of Aviom India.Shishir Gupta, Founder and CEO, StartupLanes
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