Leasetech startup Origa Lease Finance has raised $2 Mn in debt from a number of investors. The company has raised the amount by issuing Non-Convertible Debentures (NCDs) to several entities.
Origa claims to help small and medium enterprises (SMEs) enhance their business capacity by offering equipment leasing and lifecycle solutions, by providing complete Asset Life Cycle Management (ACLM) — from the selection of the asset to financing it to recycling it at the end of the tenure.
The company claims to be India’s first startup to provide asset leasing solutions to enterprises. It says that its proprietary technology helps it aggregate a very large market in the B2B segment and provide a one-stop solution to its clients, to address all their needs with respect to equipment. It works with both MSMEs and healthcare establishments.
“Investors have shown their strong conviction in Origa’s unique and highly differentiated business model that solves real-world problems on the ground,” says Shrirang Tambe, founder and CEO of Origa Lease Finance. The deal was advised by Credence Family Office.
“Origa is a thought leader in leasing at the micro-enterprise level; whereby, Origa’s solution to provide high-quality equipment and related services, brings a significant impact on the ground such as financial inclusion, capacity building and increased productivity,” Tambe added.
Origa claims that the recent funding would help it accelerate its ambitions of becoming India’s largest full-service leasing and equipment solutions company. The Mumbai-headquartered company raised funds worth an undisclosed amount from Elevar Equity, a US-based venture capital firm, in 2018.
“The current environment presents a massive opportunity for Origa given the increased emphasis on local manufacturing and healthcare, and infrastructure needs of capital-starved small businesses in tier 2/3 cities. Origa’s focus on building equipment expertise over the years helps convert capex to opex for small businesses effectively”, says Jyotsna Krishnan, managing director at Elevar.
In 2015, the company had raised $1.1 Mn from ah! Ventures, 500 Startups and a consortium of high profile investors, as part of its seed funding round.