Avail Finance, a Bengaluru-based financial care service provider for the unorganised workforce of India, announced that it has raised about Rs 87 crore in a Series B funding round, led by Falcon Edge Capital, as per Entrackr report. Existing investor Matrix Partners also participated in the funding round.
Alphawave Incubation, which is managed by Falcon Edge Capital infused around Rs 57 crore, while Matrix Partners invested Rs 30.2 crore, regulatory filings showed, valuing the company at about Rs 500 crore.
Matrix Partners will hold 26.4% in Avail Finance, while Alphawave has picked up 11.5% in the company following the funding.
The company is backed by angel investors such as Ola founders Ankit Bhati and Bhavish Aggarwal, Cred founder Kunal Shah, Flipkart’s co-founder Binny Bansal and Mswipe’s founder Manish Patel.
Founded in 2017 by Ankush Agarwal, Avail Finance specializes in underwriting loans to blue-collar workers through a model of partnerships with aggregators such as Ola, Swiggy, Ecom Express, Quess Corp, among others.
Earlier in 2019, the company had raised $9 million from Matrix Partners India. As per reports, the company raised a total of $37 million since inception.
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