Yenmo, an Indian-founded fintech startup, has secured $1.1 million in a funding round from ZAKA VC, Team Ignite Ventures, and Y Combinator, with support from business angels.
- Founded in 2023 by Aryan Agarwal and Ashutosh Purohit, Yenmo develops a lending platform that offers loans with a 10.5% interest rate, no foreclosure or prepayment charges, and only required interest payments until the principal is repaid.
- The pledge is managed by SEBI-regulated entities, and capital gains are not taxed. No minimum credit score is needed. Customers can apply, complete KYC, pledge their investments, and sign the agreement to get the loan.
"Our motto is always providing low cost loans, not asking for unnecessary data or permissions from our customers and have a customer support team that is always respectful. We also have some more exciting products that we would be launching soon," co-founder and CEO of Yenmo, Ashutosh Purohit, commented.
Details of the deal
- Y Combinator led the round, with additional investments from American Pioneer Fund, Team Ignite Ventures, and several angel investors, including Olivier Porté and Laurent Benhamou.
- Czech family office ZAKA VC also backed the investment. In July 2024, the firm announced its first close of €15 million ZAKA VC Fund I, raising €10.5 million.
- The new funds will help Yenmo grow, improve technology, and launch new products. The focus will be on offering affordable loans, better customer support, and making the platform more straightforward to use. This will also help expand the team and improve marketing efforts.
