AVIOM India Housing Finance, a micro-mortgage Housing Finance Company, has completed its SeriesC $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.
Company offers Home Loan for construction, improvement, sanitation and renovation. It also gives Loan against Property for business requirements. Company provides livelihood to more than 18,000 women through its Shakti Channel which incentives them to source loans in rural areas. Aviom has a state-of-art Digital Lending Platform which helps in increasing operational efficiency and reducing turn-around time thereby ensuring effective credit decision making.
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 and AU 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 ofMarch’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.
Source: Business World