Credit Fair, a consumer-lending fintech startup, has raised $15 million in a seed funding round led by angel investors Anand Ladsariya and Alok Agarwal of Striver Capital Advisors, according to PTI report.
The startup will utilise the capital—a mix of equity and debt—to build its technology team, enhance underwriting models, and expand into Tier II and III cities to scale its assets under management (AUM).
Founded in 2018, the business-to-business-to-consumer startup offers lending solutions to both businesses and private individuals. The ticket size ranges from Rs 10,000 to Rs 20 lakh with a tenure of three months to three years. It is the financial partner for more than 1,000 merchants, including brands like upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves among others.
The company will also use the funding to scale by expanding merchant partnerships. “The specific targets include growing active merchants by 5X in 1 year and 15X in 2 years and growing disbursement to $10 million run rate per month in two years,” it said in a statement.
According to founder Aditya Damani, Credit Fair aims to financially empower Indians in remote areas or those without a credit score—traditionally some of the most unbanked and underserved segments.
“To this end, we are extending credit across key sectors that are crucial for improving India’s social infrastructure , especially in these Covid-19 times… We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” he said.
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