BENGALURU : Housing finance company Aviom India Housing Finance announced on Monday that it had raised $ 8 million as part of its Series C equity financing from Saber Partners.
The company is expected to use the proceeds of the current increase to expand and further develop its operations.
The five-year venture targets low-income households in rural and semi-urban areas. It provides loans to women borrowers who have no official income document. These loans are generally intended for construction, improvement, remediation and renovation. It also grants loans against property for business needs.
âWe are delighted to partner with such recognized investors and will use the funds to expand our presence and further develop the business,â said Kajal Ilmi, Founder of Aviom.
The size of the loan ticket on the platform varies from ??50,000 to ??5 lakh with average credit disbursement affecting ??3 lakh. Currently, the housing finance entity operates in 14 states with over 100 branches.
The company also provides livelihoods to more than 18,000 women through its Shakti channel, which prompts them to obtain loans in rural areas, Aviom said. It claims that its digital lending platform helps increase operational efficiency and reduce turnaround times, ensuring efficient 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 financial investors.
Major Aviom lenders include Northern Arc, NHB, MAS Financials, Black Soil, IDFC First Bank, Jana small finance bank, Water Equity, DFC, IndusInd Bank, State Bank of India (SBI) and AU small finance bank, among others .
The company now aims to increase its gross loan portfolio to ??1,000 crore by the end of fiscal 2022. Its gross loan portfolio stood at ??465 crore in March this year.
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