Azuri Distributor Raj Ushanga Gets Sh56m from Lendable

In Tech
Azuri with partner Raj Ushanga

Pay-go solar power startup Azuri Technologies has found a new boost after unsecured online lending platform Lendable extended Sh56m (USD550,000) credit line to her distributor Raj Ushanga House underlining rising confidence in Kenya’s solar energy market.

The huge rise in the customer base of Azuri Technologies has lifted investor numbers since Lendable bases its decisions on future customer revenues also called receivables financing.

Azuri Technologies had also in the recent past secured cash from Standard Chartered and through crowdfunding indicating rising performance in the company’s sales.

RELATED: Azuri Bites 100,000 Customers off Africa’s Solar Energy Market

 “The debt financing from Lendable marks an exciting chapter for RUH. It enables us to reach more customers and finance their ownership of these assets. We will also be able to significantly expand the availability and variety of Azuri solar home systems in Kenya,” said Raju Haria, CEO of Raj Ushanga House.

Lendable’s technology platform uses a proprietary risk engine to analyse the quality of diversified receivable portfolios, and enables alternative lenders to secure debt financing from experienced offshore investors purely against these portfolio cashflows.

RELATED: How East Africa can Improve Crowdfunding for Startups

A portion of the alternative lenders’ loan book is used as security meaning there is no need to put up other collateral that is required by traditional lenders in the form of tangible fixed assets. This approach to finance enables new energy providers to scale without the need for traditional on-balance-sheet collateral, while also permitting individual projects to be financed separately.

Ugandan

Lendable has already secured USD600,000 in debt financing for Tugende, a Ugandan company that offers a lease-to-own model to help Ugandan boda-boda drivers own their own motorcycle. Lendable is currently working on four transactions in Kenya and Uganda.

RELATED: Azuri gets $5m Stanchart Financing

Daniel Goldfarb, CEO and co-founder of Lendable, says: “We are excited to provide the investors on our platform with commercial returns while supporting positive economic and social change. We’re proud to support RUH’s mission to bring affordable and high quality solar energy solutions to more homes across Kenya. This is just the start of what we intend to be a long relationship with the RUH team as we help them scale their lending exponentially through finance and technology.”

 

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