Bengaluru-based fintech startup Yenmo, which provides instant loans against mutual funds, has raised Rs 9.2 crore in a funding round led by Y Combinator, with participation from Pioneer Fund, Zaka VC, and other angel investors.
The fresh capital will be used to expand Yenmo’s product portfolio, enhance its technology infrastructure, strengthen its operational capabilities, and drive market expansion, the company said in a press release.
Founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo aims to redefine access to credit in India by offering secured lending solutions.
Initially offering loans against mutual funds, Yenmo is expanding to include stocks, insurance, and digital assets. Its Android and iOS platform ensures quick and seamless loan access.
The startup focuses on customer-centric lending, designing solutions based on user feedback and offering real human assistance instead of automated bots.
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It differentiates itself by providing loans at interest rates as low as 10.5%, significantly lower than the 30%+ charged on traditional personal loans.
“Many borrowers experience harassment and data misuse. At Yenmo, we are dedicated to ethical lending that prioritizes transparency and customer well-being,” said Ashutosh Purohit, CEO and Co-founder of Yenmo. “With this funding, we will broaden our product offerings and build an in-house lending stack that eliminates predatory practices.”
Yenmo plans to expand secured lending to stocks and other assets while offering a high-interest savings account with easy liquidity.
Its streamlined platform enables secure loan applications in just 10 minutes.
