AVIOM India Housing Finance, amicro-mortgage Housing Finance Company, has completed its Series C $8 million equity funding from Sabre Partners.
Aviom, founded in 2016 by Kajal Ilmi, has its presence in 14 states with 100+ branches. It caters to low-income households in rural and semi-urban areas. It provides loan to women borrowers who do not have any formal income documentation. Loan ticket size ranges from Rs 50k to 5 lacs with average disbursement of around 3 lacs.
According to a statement, “The company has raised debt financing from more than 40 lenders including public and private sector banks, Global Development Finance Institutions and domestic FIs. Aviom’s top lenders include Northern Arc, NHB, MAS Financials, Black Soil, IDFC First Bank, Jana small finance bank, Water Equity, DFC, IndusInd Bank, SBI andAU small finance bank among others.Company aims to take its gross loan portfolio to Rs 1000 crore by the end of FY-22 from Rs 465 crore as of March’21.”
“We are excited to partner with such pedigreed investors and shall be using the funds to expand our footprint and grow the business further,” said Kajal Ilmi.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.