Housing finance company Aviom has raised USD 30 million (over Rs 246 crore) in a funding round through a mix of primary and secondary investments by Nuveen, a global investment manager.
The company is focused on affordable housing sector and the funding will help in expanding its loan book and widen its operations to newer geographies, said its chief executive officer Kajal llmi. With the series D funding, the company plans to extend financial assistance to around 60,000 families additionally in the new fiscal by disbursing around Rs 1,200 crore, she added. The company currently has a customer base of around 50,000.
Stephen Lee, senior director & head of Asia at Nuveen’s private equity impact investing team, said, Aviom has disrupted micro-mortgage lending landscape by catering to a hitherto underserved segment. This new equity investment will propel Aviom to grow 6-fold by 2026, Lee said. Over the next six months, Aviom looks to increase its monthly disbursement to Rs 150 crore a month and will also add 50 more branches to its existing network, she added.
The company provides loans in the range of Rs 1-5 lakh for house construction, extension, and renovation. It has a network of 120 branches in 12 states. Aviom is backed by international lenders — US International Development Finance Corporation (DFC), Blue Orchard, Impact Investment Exchange, Triple Jump and Symbiotics.
