[Funding] Aviom India Housing Finance raises INR 10 Cr debt from Blacksoil India Credit Fund

Aviom India Housing Finance has raised INR 10 Crs debt from Mumbai based Blacksoil ’s new alternate investment fund, Blacksoil India Credit Fund. The Delhi based HFC plans to disburse INR 250 Crores in this financial year. The company has previously raised INR 60 Crores in equity from marquee investors. Some major names include Gojo from Japan and C4D. It has also raised over INR 350 Crores in debt from 37 lenders.

“We are delighted to partner with BlackSoil and looking forward to strengthening the relationship further”, said Aviom founder, Kajaal Ilmi. “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. We look forward to supporting them in growing their portfolio and expanding their presence in new geographies”, stated Ankur Bansal, co-founder of Blacksoil Capital.

About Aviom HFC

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 INR 1-5 Lakhs, a segment 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. They engage local women to source the loans. The company also educates their customers on the importance of sanitation and the construction of toilets is mandatory for availing loans. Kajaal Ilmi founded Aviom. They began operations in Aug-2016. It has opened 104 branches to date across 14 States. The company has disbursed INR 460 Crores to date to over 18000 women and is profitable.

The portfolio quality of the HFC has remained strong despite the pandemic and the ensuing lockdown. The HFC had already recovered to over 90% collection efficiency by December 2020. The company did not avail moratorium from any of its lenders during this period. The company has also managed to raise over INR 150 Crores from 19 lenders post-March 2020 during the lockdown.