Moneycontrol
Last Updated : Mar 14, 2018 03:22 PM IST | Source: Moneycontrol.com

Avail Finance raises $17.2 million from Matrix Partners, others

The round also includes debt and credit lines from multiple NBFCs.

Moneycontrol News @moneycontrolcom

Bangalore-based online lending platform Avail Finance has raised USD 17.2 million from investors such as Matrix Partners India, founders of cab hailing firm Ola, Bhavish Aggarwal and Ankit Bhati and, group chief executive officer of Flipkart, Binny Bansal, among others.

The round also includes debt and credit lines from multiple NBFCs.

Founded by Ankush Aggarwal and Tushar Mehndiratta in February 2017, Avail Finance caters to India’s blue collared workforce, who are currently underserved by organized lending institutions. With low credit card penetration and the lack of structured credit history, this large segment of the Indian population resorts to availing credit from informal sources at high interest rates.

Both the founders have a background in computer science engineering. Ankush graduated from University of Illinois at Urbana-Champaign, and has worked with Ola, while Tushar is an alumnus of IIT-Roorkee and has previously worked with Adobe.

“Consumer lending to the blue-collared workforce is a large, untapped and hard to solve opportunity. We are impressed by Avail’s differentiated sourcing and underwriting strategy, and are privileged to partner with Ankush and Tushar on their journey. We believe it’s still early days of the India fin-tech story and will continue to invest in the space,” said Vikram Vaidyanathan, managing director, Matrix India.
First Published on Mar 14, 2018 03:22 pm

tags #Startup

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