CreditMantri, a Chennai-based data-driven platform that provides credit and financial reports to users based on their credit history, is set to raise a little over Rs six crore from a clutch of existing investors, according to a VCCircle report.
According to regulatory filings, the company has issued and offered 1.11 lakh Series B4 compulsorily convertible cumulative preference shares to investors Elevar Equity, Chiratae Ventures (formerly IDG Ventures) and funds managed by Accion Labs.
Accion Frontier Inclusion Mauritius, Accion Africa-Asia Investment Company and Accion Venture Lab, LP have been offered 34,990, 4,899 and 9,097 shares by Chennai-based CreditMantri.
Following the completion of this issue, IDG Ventures India Fund II will hold 17.71% of CreditMantri on a fully diluted basis, while Elevar M-III will hold 14.19%. The three funds managed by Accion will cumulatively hold 31.83% of the credit management startup.
Earlier, CreditMantri had secured a Series B funding of Rs 51.4 crore from IDG Ventures India, Accion Venture Lab and Elevar Equity in 2017. In June 2015, the startup had raised $2.5 million in its Series A round.
Founded in 2012 by former Citibank executives R Sudarshan, Gowri Mukherjee and Ranjit Punja, CreditMantri helps users understand the status of their Credit Health and build their Credit Profile. The user’s credit profile is created with data from Institutional sources like the user’s Credit History and Score from the bureau. This is further enhanced with data from alternate data sources. Based on the individual’s credit profile, consumers are guided towards the solution best matched to their profile – be it discovery of loans or credit cards, credit improvement services
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