Aviom India raises Rs. 15 cr towards pan-India expansion

ANI | Updated: Feb 06, 2018 17:52 IST

New Delhi [India], Feb 6 (ANI): Delhi-based Aviom India Housing Finance raised Rs. 15 crore through a primary infusion from Insitor Impact Asia Fund in its Series A round of funding to increase its branch network and operations in Tier II and Tier III towns in existing states and subsequently expand to other states.

Founded in 2016, Aviom provides affordable housing finance loans to low-income individuals and families and currently operates out of 14 branches in Rajasthan and Madhya Pradesh.

Aviom has a debt line of Rs. 17.5 crores from banks and NBFCs, and intend to raise a further Rs.100 crores in the next six months.

"Affordable housing is a critical need for the low-income population in India who don't have access to much needed capital due to lack of formal documentation, financial literacy and presence of mid-level players. This is the segment we intend to assist by improving financial accessibility. Also, since the first loan applicant is a woman, we think that this will create financial independence and raise a woman's status at home and society," said Kajal Ilmi, founder, Aviom.

Apart from customized home loan solutions to purchase homes, Aviom also provides semi-urban families in Tier II and III towns with legal and technical counselling to make an informed decision. (ANI)