Avail Finance, a blue collar-focused lending startup has raised a fresh round of funding from Alphawave Incubation Fund and Matrix Partners after a gap of nearly 13 months.
The Bengaluru-based company raised Rs 85.6 crore in a Series B funding round, according to the report in ENTRACKR.
Falcon Edge Capital-managed Alphawave took the lead in the latest round infusing Rs 57 crore while Matrix Partners invested Rs 30.2 crore.
As per a regulatory filing, the issue price was Rs 2060.25 and Avail Finance allotted 423,044 Series B CCPS and 10 equity shares. Matrix Partners will be among the biggest stakeholders post allotment with nearly 26.4 percent share. Alphawave will hold 11.5 percent stake.
With this round, Avail Finance's valuation reaches nearly Rs 500 crore, according to Fintrackr's calculation estimates. In July last year, the company had secured around $3 million from Ola.
Previously, Avail had raised $9 million in June last year from existing investor Matrix Partners India. The company has raked in over $37 million since its inception backed by the likes of Ola founders Ankit Bhati, Bhavish Aggarwal, Cred founder Kunal Shah, Flipkart’s co-founder Binny Bansal and Mswipe’s founder Manish Patel.
In February 2017, Ankush Aggarwal and Tushar Mehndiratta founded Avail Finance. It caters to India’s blue-collared workforce, who are currently underserved by organized lending institutions.
To provide financial products to their workers, it partnered with blue-collar workforces of service aggregators such as Ola, Swiggy, Ecom Express, Quess Corp. As of January 2020, the platform claims to have cumulatively disbursed loans of over Rs 250 crore to one million customers.