Mumbai based asset leasing solutions startup Origa Renting Pvt Ltd has raised Rs 7 crore ($1.1 million) from seed fund and accelerator 500 Startups, technology fund ah! Ventures, and a few high profile angel investors.
Founded in 2013 by Shrirang Tambe who is also founder of investment banking advisory Ourea Capital Advisors, Origa currently provides asset leasing for capacity building to mid size firms, bridging the gap between new-age businesses and traditional financing.
Origa plans to scale up its business and expand to new geographies with the latest round of funding.
“We expect to touch an asset book of $100 million within the next three or four years,” said Tambe.
The company works across three major segments: sanitation, water, wastewater and energy; healthcare; and manufacturing and service business.
The prime stay of the company has been its Asset Life Cycle Management (ALCM) solution which helps its clients conserve their capital for working capital and marketing while Origa takes care of their assets in totality.
“Origa is one of the first companies in India to provide asset leasing solutions for the high growth unbanked and under-banked small and medium enterprises. We believe that the each vertical of Origa has the potential to touch millions of dollars by themselves and Origa could, within the next decade, very well aspire to become a bank and contribute to the ongoing financial inclusion drive of India,”said Harshad Lahoti, founder & CEO, ah! Ventures.
Industry reports put the market for alternative financing at $50 billion. “There is a huge gap between conventional financing available and the need of new age companies. ORIGA is critically positioned to bridge that gap,” said Tambe.
Both ah! Ventures and 500 Startups invested in Origa through the CLUB ah! platform. CLUB ah! is one of the largest platforms providing full-spectrum startup investment network and platform comprising over 500 investors, including some of the renowned angels and early-stage VCs. The platform had recently made investments in Eywa Media, a digital processing startup and Logic Roots, an edu-gaming company.