Mumbai-based asset financing company ORIGA Leasing has raised over $1 Mn (INR 7 Cr) from ah! Ventures, 500 Startups and a consortium of high profile investors.
The startup plans to use the funds towards leasing of assets, people and technology in order to democratise the way SMEs procure and manage assets in India to have a high capex.
It is interesting to understand that ORIGA is one of the few companies in India who offers financing ecosystem with respects to asset leasing with main focus on high-growth business model.
“The most exciting thing about Origa is that it is democratizing how SMsEs (small and medium enterprises) in India can procure and manage assets that typically have a high capex. This is an incredibly large market that’s been underserved by traditional sources of credit. It’s another example of disrupting the status quo in Indian finance,” Pankaj Jain, partner at 500 Startups, said in a statement.
Ulhas Deshpande, investor and board member of ORIGA stated that it is an innovative business model that would immensely help mid size entrepreneurs gain access to much needed funding. Considering the above statement, 46% of the SME financing in Europe and 72% of SME financing in America takes place through asset leasing. There is a huge market opportunity in India as it is less than 1% of the total credit disbursed.