Avail Finance raises $11.5 Mn round from Alphawave and Matrix

Blue collar-focused lending startup, Avail Finance has raised Rs 85.6 crore~$11. 5 million in a Series B funding round from Alphawave Incubation Fund and Matrix Partners. The fresh round for the Bengaluru-based company has come after a gap of 13 months. Alphawave Incubation which is managed by Falcon Edge Capital led the latest round by infusing Rs 57 crore, while the existing backer, Matrix Partners poured in Rs 30.2 crore. Post allotment, Matrix Partners will be one of the biggest stakeholders in the company, commanding 26.4%, whereas Alphawave has picked up 11.5% in the company. As per Fintrackr’s estimates, Avail Finance has been valued north of Rs 500 crore in this transaction. Founded by Ankush Aggarwal and Tushar Mehndiratta in February 2017, Avail Finance caters to India’s blue-collared workforce, who are currently underserved by organized lending institutions.