Bengaluru-based Avail Finance, a neo-banking start-up that aims to bring the blue-collared workforce into the financial system, has raised INR 24 crore in debt financing led by Alteria Capital. To date, the start-up has raised $21.6 million from leading investors like Falcon Edge, Matrix Partners, and Ola, the on-demand cab service company.
The start-up aims to diversify this fiscal year by expanding the portfolio and services it has to offer. Recently, Avail offered interest-free loans to 100,000 workers who are a part of the gig economy, who lost their source of livelihood during the Coronavirus fueled lock-down, thus effectively helping them sail over the financial crisis which many people in the country faced. Presently, it has processed loans for 300,000 clients and counting.
Avail Finance was founded in 2017 by Tushar Mehndiratta, and Ankush Aggarwal, with the prime focus on the ever-expanding gig economy segment. The Binny Bansal financed company has grown from just a lending platform to a neo-bank with products in various categories for the blue-collar workforce.
Its products include investment, savings, and insurance, to name a few. It plays a pivotal role in catering to the financial issues of a segment that is under-represented but plays a crucial role in serving the Indian population.