04 June 2019, India:
Fintech Startup Avail Finance has raised $9 million in Series A round of funding. The funding round was led by Matrix Partners.
Bhavish Aggarwal and Ankit Bhati (Co-founders of Ola), Binny Bansal (Co-founder and group CEO of Flipkart), Kunal Shah (Founder of Freecharge) and Manish Patel, (Founder and CEO of Mswipe) also participated in the funding round.
The startup will use the fresh capital to expand its product suite. The startup will also use the funds to offer micro-savings and micro-insurance products tailored specifically for the blue-collar workers.
“Our mission is to provide a financial umbrella to every Indian. While we started with a pure-play lending product, we realised that the blue-collar segment needs a more holistic financial platform. We believe that with our unique combination of customized products and focus on customer experience, we can work towards enabling true financial inclusion, while serving these customers profitably,” said Ankush Aggarwal, Founder and CEO, Avail Finance.
“Low income consumers are underserved when it comes to financial services and pay the higher access cost for basic financial services. Avail offers a unique product combining micro-savings, loans and insurances that help blue collar workers tide over short term cash flow shocks every month. We believe in Ankush’s vision and are excited to continue partnering on this journey with the Avail team,” said Vikram Vaidyanathan, MD, Matrix India.
Avail Finance was founded by Ankush Aggarwal and Tushar Mehndiratta in 2017. It is an online lending platform that provides short term loans to the blue collar workforce in India, including gig workers such as cab drivers and delivery boys.
(Image – Avail Finance)
