Avail Finance raises $11.5 million in funding

By: |
September 3, 2020 3:24 PM

As part of this investment from AWI, Avail Finance will set up a team in Abu Dhabi and use the Emirate as its regional headquarters, the release said.  It aims at building a strong talent base of data scientists, product managers, and engineers there.

AWI is a USD 300 million venture fund, managed by Falcon Edge Capital.

Fintech company Avail Finance on Thursday said it has raised USD 11.5 million (around Rs 85 crore) in a funding round led by Alpha Wave Incubation (AWI). The Series B funding round also saw participation from its existing investor Matrix Partners, a release said.  The company focuses on the blue-collared segment.

The funds raised will be used for the expansion of the team, and to offer a varied product mix for our targeted users, be it existing or prospective. With our financial solutions for the blue-collared workforce in India, we can capitalize on this current shift towards neo-banking through easy and digitized facilities suitable for the Indian market, Avail Finance’s founder and CEO Ankush Aggarwal said.

As part of this investment from AWI, Avail Finance will set up a team in Abu Dhabi and use the Emirate as its regional headquarters, the release said.  It aims at building a strong talent base of data scientists, product managers, and engineers there.

AWI is a USD 300 million venture fund, managed by Falcon Edge Capital, a leading global alternative asset manager, and backed by ADQ, one of the largest regional holding companies based in Abu Dhabi. Founded in 2017, Avail has grown from being a lending platform to the blue-collar workforce to now a neo-bank with a line-up of products in various categories such as savings, insurance, investment products.

The company is backed by Matrix Partners and ANI Technologies (Ola), and other prominent entrepreneurs like Binny Bansal, co-founder of Flipkart, Kunal Shah, founder of Cred, Manish Patel, founder and CEO of Mswipe ,among others.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Volatile coking coal market fluctuating cost of steel production
2Mukesh Ambani gets 2nd investor into Reliance Retail in a day; Silver Lake tops up with Rs 1,875 cr
3Now get additional 5 per cent discount on khadi products from Oct 2 to Dec 31 in Rajasthan