Yenmo raises Rs 9.2 Cr led by Y Combinator

Entrackr · 25d

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 proceeds will be utilized to expand product offerings, enhance technology, drive market growth, and strengthen operational scale and the team, Yenmo said in a press release. Co-founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo is dedicated to providing the best credit products in India. Starting with loans against mutual funds, it is expanding into secured credit products over stocks, insurance, and digital assets. Customers can access loans digitally through the Yenmo app, available on Android and iOS. The Bengaluru-based startup aims to make loans a tool for empowerment. As the company adds new products, its commitment to ethical practices will remain at the forefront of its design and delivery. Yenmo is addressing gaps in the lending industry by offering loans against mutual funds with interest rates as low as 10.5%, significantly lower than the 30%+ charged on personal loans. The platform designs solutions based on customer feedback to eliminate pain points, supported by real human assistance rather than automated bots. Yenmo plans to introduce new secured lending products, including loans against stocks and other financial instruments. It also offers a savings account feature that combines higher interest earnings with liquidity access. The company has built and refined its digital platform to provide a seamless 10-minute loan application process, ensuring security and efficiency.