Avail will use these funds to expand its product suite to also offer micro-savings and micro-insurance products tailored specifically for the blue-collar workers
The blue-collar segment in India includes security guards, delivery executives, drivers, housekeeping staff etc, who have a monthly income in the range INR 8,000 – 35,000. This segment is often neglected by the traditional financial services players as cost of acquiring and servicing these customers is too high. Avail Finance partners with various aggregators of blue-collar workers such as Ola, Swiggy, Ecom Express, Quess Corp, etc and provides innovative financial products for such workers. One such product is an interest free, short term loan to assist them during their frequent cash flow problems. Borrowers have the flexibility to leave a tip, if they were satisfied with the service and experience.
Ankush Aggarwal, Founder and CEO of Avail Finance said, “Our mission is to provide a financial umbrella to every Indian. While we started with a pure-play lending product, we realized that the blue-collar segment needs a more holistic financial platform. We believe that with our unique combination of customized products and focus on customer experience, we can work towards enabling true financial inclusion, while serving these customers profitably.”
“Low income consumers are underserved when it comes to financial services and pay the higher access cost for basic financial services. Avail offers a unique product combining micro-savings, loans and insurances that help blue collar workers tide over short term cash flow shocks every month. We believe in Ankush’s vision and are excited to continue partnering on this journey with the Avail team.” said Vikram Vaidyanathan, MD, Matrix India.
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages.Source: BW Disrupt