AVIOM India Housing Finance, a micro-mortgage housing finance company, has raised $8 million in its Series C round led by Sabre Partners.
According to AVIOM, the funds will be used to expand its presence and in business growth.
Founded in 2016 by Kajal Ilmi, AVIOM 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. The company’s loan ticket size ranges from Rs 50,000 to Rs 5 lakh with an average disbursement of around Rs 3 lakh.
The startup has its presence in 14 states with over 100 branches. It offers home loans for construction, improvement, sanitation, and renovation. It also gives loans against property for business requirements.
The company said it plans to take its gross loan portfolio to Rs 1,000 crore by the end of FY22 from Rs 465 crore as of March 2021. Earlier this year in February, AVIOM had raised Rs 10 crore (around $1.37 million) in debt from BlackSoil India Credit Fund.