Bengaluru-based fintech startup Yenmo has secured ₹9.2 crore in a funding round led by Y Combinator’s Winter 2024 cohort. The company is set to redefine lending in India by introducing the concept of ‘Good Loans,’ focusing on ethical lending and customer-friendly financial solutions.
Key Details
- Funding Amount: ₹9.2 crore
- Lead Investor: Y Combinator (Winter 2024 cohort)
- Business Model: Instant loans against mutual funds
- Mission: Ethical lending with a customer-first approach
- Headquarters: Bengaluru, India
Founder’s Background
Yenmo was co-founded by Ashutosh Purohit, who serves as the CEO. With extensive experience in the fintech sector, the founder has previously worked with Swiggy and Navi, gaining expertise in credit risk assessment and financial technology. Their vision is to create a transparent, responsible, and customer-centric lending environment in India.
Funding Utilization
The capital raised will be used to:
- Enhance technology – Build a robust infrastructure for seamless loan disbursement.
- Expand operations – Scale services across different regions in India.
- Strengthen credit assessment – Develop advanced algorithms for better risk evaluation.
- Increase awareness – Promote the ‘Good Loan’ concept through marketing campaigns.
Yenmo’s funding marks a major step toward ethical lending, promising financial inclusion and responsible credit solutions for Indian borrowers.