Y Combinator-backed Yenmo Raises ₹9.2 Cr to Build India’s 1st Good Loan Company

Yenmo ‘The Good Loan Company’, a Y Combinator-backed company providing instant loan against mutual funds, has announced the successful raising of ₹9.2 crore in funding. The round was led by Y Combinator, along with participation from Pioneer Fund, Zaka VC, and angel investors from across the globe. This milestone marks a significant step in Yenmo’s journey to make the lending landscape more ethical and place themselves as India’s first good loan company.

Yenmo plans to leverage the funding to:

• Expand Product Offerings: Introduce new secured lending products, including loans against stocks and other products. A key innovation in the pipeline is a savings account feature that combines higher interest earnings with liquidity access.This will also help solidify Yenmo’s position as India’s first ‘Good Loan Company’ by offering products designed to enhance the financial well-being of customers.
• Enhance Technology: Build and refine its digital platform to offer a seamless 10-minute loan application process, ensuring security and efficiency.
• Drive Market Growth: Tapping into more customers and making Yenmo the go-to platform for ethical and customer-centric credit solutions.
• Strengthen operational scale and team: Scale operations by expanding infrastructure and building a robust and skilled team.

Addressing a Growing Need for Ethical Lending "Many individuals taking loans often face serious concerns, from harassment to the misuse of personal data. At Yenmo, we are building India's first 'Good Loan Company,' where ethical practices and customer-centricity lead the way" said Ashutosh Purohit, CEO & Co-founder, Yenmo. "This funding allows us to expand our product portfolio as well as build a complete lending stack in-house, from underwriting to disbursal. Our goal is to empower millions of Indians with loans that prioritize their financial well-being, using only the necessary data and eliminating predatory practices."

Yenmo is addressing the 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.
• Designing solutions based on customer feedback to eliminate pain points, supported by real human assistance rather than automated bots.
• Yenmo aims to make loans a tool for empowerment rather than a trap. As the company adds new products, the commitment to ethical practices will remain at the forefront of their design and delivery.

About Yenmo

Yenmo, a Y Combinator-backed company, is dedicated to providing the best credit products in India. Starting with loans against mutual funds, Yenmo 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 (https://yenmo.in/download).

Website - https://yenmo.in/