Aviom raises $30 Mn in Series D, C4D Partners exits partially

Micro-mortgage housing finance firm Aviom India Housing Finance has raised $30 million equity investment in a Series D round led by Nuveen, a global investment management firm. This is the first investment in the Delhi-based company in the last 20 months.

The funding also includes a secondary transaction from Nuveen, with C4D Partners announcing a partial exit, the company said in a press release.

Aviom has raised over $52 million to date from Sabre Partners, Bloacksoil, and Japan’s Gojo among others. The company plans to utilize the fresh proceeds to expand its market reach and strengthen its operational capacities.

As per the company, its gross loan portfolio has grown seven times since C4D’s investment. It has also increased its workforce count from 323 to 2,211, along with building a network of 118 branches across 12 states in India.

Founded in 2016 by Kajal Ilmi, Aviom caters to low-income households in rural and semi-urban areas, providing them with construction, improvement, sanitation, and renovation loans. It also offers loans to women borrowers without formal income documentation and incentivizes women agents to source loans.

As per data compiled by Fintrackr, proptech startups have mopped up nearly $2.4 billion between January 2021 and March 2023. If we take previous data, then proptech startups have managed to raise $2.9 billion since January 2020.

While several proptech companies provide mortgage and finance options for property buyers, a few startups like Aviom, Paisabazaar, Easy Home Finance, Andromeda et al. operate focusing on this space only.

Also Read: The growth of proptech startups in India post covid

Aviom’s revenue from operations surged 79.6% to Rs 157.82 crore during FY22 as compared to Rs 87.85 crore in FY21. As per the company’s financial statement with the RoC, it turned profitable and posted Rs 12.2 crore profit in FY22 against Rs 1.93 crore loss in FY21.