Avanti Finance has today said, “It has raised Rs 15 crore in debt from Michael and Susan Dell Foundation.”
Avanti Finance in its statement said, “It will use the funds to provide unsecured loans of Rs 1.5 lakh to low-income borrowers in urban, and peri-urban areas in Madhya Pradesh, Gujarat, and Tamil Nadu for up to 30 months.”
Speaking on the Investment, Mat Malupillai, Direct of Michael and Susan Dell Foundation India said, “We are committed to helping micro-entrepreneurs return to normalcy and be on the path to recovery.”
“Avanti’s open-access technology platform enables credit operation in a paperless, presence-less, and cashless manner and ensures that funds are channeled to the right borrower and help them rebuild livelihoods that been disrupted by pandemic,” Malupillai added.
Commenting on the funding, Manish Thakkar, Chief Operating Officer at Avanti Finance said, “This impact-driven initiative to support entrepreneurs with limited access to capital will help them re-build their business and financial health which have severally affected by the pandemic.”
“In the next few months, this loan program will help them regain their economic and social status,” Thakkar added.
