Aviom Housing Finance has raised Rs 60 crore in its series B round of funding from Japanese investors Gojo and Company, Inc Japan, and Capital 4 Development Asia Fund, Netherlands. Unitus Capital was the financial advisor to Aviom Housing Finance.With the new round of funding, the total amount to be raised by the Delhi-based Aviom Housing Finance has reached Rs 86 crore which the company will use to expand its scope of operations in tier two towns and cities.
Further the company intends to utilise the equity infusion to raise another Rs 500 crore in the form of debt for onward lending to consumers.
Targeting cities like Rajasthan, Karnataka, Uttaranchal and Delhi the company intends to tap the opportunities in the low income section of the population who do not get home loans because of lack of formal income proof.
“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,” said Kajal Ilmi, Founder, Aviom.
The company has a team of 8,000 women agents who work as associates and aims to reach 50,000 women agents in a year’s time.