Yenmo, a lending platform offering instant loans against mutual funds, has raised ₹9.2 crore in a funding round led by Y Combinator. The round also saw participation from Pioneer Fund, Zaka VC, and angel investors from across the globe.
The funds raised will be used to expand its product offerings, enhance technology, drive market growth, and strengthen its operational scale and team.
“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. 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,” said Ashutosh Purohit, CEO & Co-founder, Yenmo.
Founded in 2022 by Ashutosh Purohit and Aryan Agarwal, Yenmo provides credit products in India. Starting with loans against mutual funds, Yenmo is expanding into secured credit products over stocks, insurance, and digital assets.
Yenmo plans to 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.
