AVIOM India Housing Finance, a micro-mortgage housing finance company, on Monday, announced to have completed its SeriesC$8 million equity funding from Sabre Partners.
AVIOM founded in 2016 by Kajal Ilmi, has its presence in 14 states with more than 100 branches. It caters to low-income households in rural and semi-urban areas. It provides loans to women borrowers who do not have any formal income documentation. Loan ticket size ranges from INR 50,000 to INR 5 lakh with an average disbursement of around INR 3 lakh.
“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, managing director and chief executive officer, AVIOM.
The company offers home loans for construction, improvement, sanitation, and renovation. It also gives loans against property for business requirements. The 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 that helps in increasing operational efficiency and reducing turn-around time thereby ensuring effective credit decision making.
The company aims to take its gross loan portfolio to INR 1000 crore by the end of FY22 from INR 465 crore as of March 2021.
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