ORIGA Leasing raises Rs 7 cr. from ah! Ventures, 500 Startups

Category: Business

Innovative asset financing startup ORIGA Leasing has raised Rs. 7 crore from 500 Startups, ah! Ventures and other investors including Ulhas Deshpande, cofounder of Ad ventity, and Nitesh Damani of Sugal & Damani Group. The funds will be used towards leasing of assets, people and technology. Launched by Shrirang Tambe in May 2013, ORIGA Leasing provides alternative financing through its asset leasing solutions to high growth companies across segments such as healthcare, sanitation, waste management, alternative energy, manufacturing and service-oriented businesses. Shrirang says, “One of the key aspects of ORIGA Leasing is to invest significantly in building a robust technology, right from customer acquisition to asset management. In addition to innovation in our leasing products, we also aspire to become the world’s largest fintech leasing company. We expect to touch an asset book for $100 million within the next three to four years just in India.” The startup focusses mainly on leasing of assets which generate revenues for its clients. It has developed a solution of Asset Life Cycle Management (ALCM) which helps its clients conserve their capital for working capital and marketing, while ORIGA takes care of their assets in totality. Thus, the internal accruals and leasing funds the next expansion plan. According to industry reports, the market for alternative financing is conservatively estimated to be $50 billion. There is a huge gap between the conventional financing available and the needs of new age companies. This platform claims to be critically positioned right in between to bridge that gap. On investment, Harshad Lahoti, Founder and CEO, ah! Ventures, says, “ORIGA Leasing is one of the first companies in India to provide asset leasing solutions for the unbanked and under-banked SMEs with high growth. Their hybrid model offers a perfect blend between online discovery and offline delivery of financial products, thus helping achieve scale. We believe that each vertical of ORIGA has the potential to touch millions of dollars by themselves and ORIGA could, within the next decade, very well aspire to become a bank and contribute to the ongoing financial inclusion drive of India”. - See more at: http://www.khanstory.com/2015/10/origa-leasing-raises-rs-7-cr-from-ah.html#sthash.bdv6oHIp.dpuf