Origa Leasing, a Mumbai based asset financing company which helps startups in the aforementioned field, has raised $1 million (about 7 crores) from aH Ventures, 500 Startups and a group of angel investors.
The fresh funds will be used for leasing assets, people and technology. Financing through asset leasing is a comparatively new concept in India and Origa Leasing is one of the few companies in this alternative finance ecosystem. According to Ulhas Deshpande, Investor and Board member ORIGA,
It is business model that would immensely help mid size entrepreneurs gain access to much needed funding.
ORIGA Leasing was set up by Shrirang Tambe in May 2013 with a core philosophy of ‘Access to Finance’. It provides alternative financing through its asset leasing solutions to high growth companies across segments such as healthcare, sanitation, waste management, alternative energy, manufacturing and service oriented businesses.
It has developed an highly innovative solution of Asset Life Cycle Management (ALCM) which helps its clients conserve their capital for working capital and marketing while ORIGA takes care of their assets in totality.
The leasing solutions offered by ORIGA to the entities help them build capacities that empower them financially to scale up and provide the last mile delivery of their services and goods in a highly effective manner. In a way, it bridges the gap between new age businesses and traditional financing.
According to industry reports, the market for alternative financing is conservatively estimated to be USD 50 billion dollars. There is a huge gap between the conventional financing available and the need of new age companies. According to Deshpande, the market opportunity is huge considering that 46% of the SME financing in Europe and 72% of SME financing in America takes place through asset leasing. In India, it is less than 1% of the total credit disbursed.