Fintech Startup Yenmo Raises Rs 9.2 Cr Led By Y Combinator

Y Combinator-backed 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.

Yenmo will use the funds to expand its products, improve technology, grow its market, and strengthen its team, the company said in a press release.

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"Many borrowers face issues like harassment and data misuse. At Yenmo, we are building India's first 'Good Loan Company' with ethical lending practices," said Ashutosh Purohit, CEO & Co-founder. "This funding will help us expand our product range and develop a full-fledged lending stack in-house." 

About Yenmo 

Founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo is a Bengaluru-based company focused on offering the best credit products in India. It started with loans against mutual funds and is now expanding into secured loans on stocks, insurance, and digital assets. Customers can easily apply for loans through the Yenmo app on Android and iOS.

The company is set to launch new secured lending options, including loans against stocks and other assets. It also provides a savings account feature with higher interest rates and easy access to funds. With a refined digital platform, Yenmo ensures a quick and secure loan application process, completed in just 10 minutes.

The startup aims to make borrowing an empowering experience while maintaining ethical lending practices. It offers loans against mutual funds at interest rates as low as 10.5%, far lower than the 30%+ charged on personal loans. Yenmo also prioritizes real human support over automated bots to address customer concerns.

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