The startup, founded by Ankush Aggarwal and Tushar Mehndiratta in February 2017, targets blue-collar workers in India. With the fresh funding, Avail Finance said it will focus on diversifying its product portfolio.
The fintech startup last raised a Series B funding round in 2020, led by New York-based Falcon Edge Capital. It also secured investments from Matrix and Ola in June 2019 and roped in Matrix Partners India as an investor in a 2018 funding round.
The company targets markets with low or no credit card penetration and where there is a lack of structured credit history to identify potential borrowers.
The company earlier said that a large segment of the Indian population resorts to availing credit from informal sources at high interest rates instead. Last year, when businesses were locked down, Avail Finance said it provided interest-free loans to more than 100,000 gig workers who had lost their jobs.