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New Delhi-based Aviom India Housing Finance has raised Rs 60 crore from Japan’s Gojo & Company and Capital 4 Development Asia Fund Netherlands in its Series B round of funding.
The firm intends to raise another Rs 500 crore in debt in the coming year.
The company will use the funding to expand its reach into Tier II and III cities, Investment advisory firm Unitus Capital was the financial advisor to Aviom India Housing Finance.
“Aviom follows a strong in-house credit assessment model, which serves a dual purpose of empowering women in rural India by creating jobs for them and allowing them to work flexible hours to contribute to the overall economic development. The company has training centres in every branch for women train & hire module,” Aviom MD & Founder Kajal Ilmi said in a statement.
“Its unique programme with 8,000 women agents working as associates is actively leading to better access and increasing financial literacy across India. We are now aiming to have 50,000 women agents to join us in a year,” Ilmi added.
Aviom is planning to venture into cities of Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Uttaranchal, and Delhi NCR. It intends to provide a major fillip to low-income masses in the informal urban sector who often face loan rejections mainly due to undocumented incomes.
The housing finance company had earlier raised Rs 15 crore in Series A round from Singapore-based impact-focused venture capital firm Insitor Management.
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