Fintech lending startup Avail Finance has raised about Rs 87 crore (around $11.8 million) in a Series B funding round, led by US-based Falcon Edge Capital, with participation from existing investor Matrix Partners.
News portal Entrackr first reported the development.
Alphawave Incubation — which is managed by Falcon Edge Capital — infused around Rs 57 crore, while Matrix Partners invested Rs 30.2 crore, regulatory filings showed, valuing the Bengaluru-based company at about Rs 500 crore.
Matrix Partners will hold 26.4% in Avail Finance, while Alphawave has picked up 11.5% in the company following the funding.
Avail Finance, Matrix Partners and Falcon Edge did not respond to ET’s queries.
The company also has a marquee set of angel investors such as Ola founders Ankit Bhati and Bhavish Aggarwal, Cred founder Kunal Shah, Flipkart’s co-founder Binny Bansal and Mswipe’s founder Manish Patel.
The fintech lender, founded by Ankush Agarwal in 2017, specializes in underwriting loans to blue-collar workers through a model of partnerships with aggregators such as Ola, Swiggy, Ecom Express, Quess Corp, among others. The company raised $9 million last year from Matrix Partners India.
According to the report, the company has raised $37 million in total funding since inception, including the latest round.