The fintech startup, which lends to blue-collar workers, has big plans and deep ties to India’s biggest ride-hailing startup.
A little over a month ago, three-year-old fintech startup Avail Finance announced it had raised $11.5 million in fresh funding. The transaction valued the online lender—which issues loans to blue-collar and gig workers—at about $70 million, according to estimates by Entrackr. A modest deal for a smallish startup?
There’s more than what meets the eye.
For one, the COVID-19 pandemic has not been kind to online lenders, with both the economic fallout and unhelpful regulatory action putting immense pressure on companies. Apart from the large, well-established players, this has not been a good time for fundraising; Bengaluru-based Avail has not …
Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.
artisingh@mailtmc.com