Aviom India Housing Finance has raised Rs 10 crore debt from Blacksoil’s new alternate investment fund, Blacksoil India Credit Fund. It plans to disburse Rs 250 crores in this financial year. The company has previously raised Rs 60 crores in equity from marquee investors like Gojo from Japan and C4D till date and over Rs 350 crores in debt from 37 lenders.
Kajaal Ilmi, Aviom founder, expressed delight to partner with Blacksoil, and looking forward to strengthening the relationship further. Ankur Bansal, co-founder of Blacksoil Capital, said the sound underwriting and collection processes at Aviom have ensured the continuing resilience of its portfolio even in the current environment. “We are impressed with their business model and look forward to support them in growing their portfolio and expanding their presence in their new geographies.”
Aviom provides secured home loans and loans against property in tier-2 and tier-3 towns through a branch model. The ticket size typically ranges from Rs 1-5 lakhs, a largely underserved and unexplored by other players and thus, promotes financial inclusion. The company also empowers women by making them first applicants on all loan applications. The sourcing is also done by engaging local women.
The company also educates their customers on the importance of sanitation and the construction of toilets is mandatory for availing loans. The company was founded by Kajaal Ilmi and began operations in Aug 2016. It has opened 104 branches till date across 14 states. Furthermore, the company has disbursed Rs 460 crores till date to over 18,000 women and is profitable.
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The portfolio quality of the HFC has remained strong despite the pandemic and the ensuing lockdown. The HFC had already recovered to over 90 per cent collection efficiency by December 2020. The company did not avail moratorium from an of its lenders during this period. It also managed to raise over Rs 150 crore from 19 lenders post March 2020 during the lockdown.
