[Funding alert] Credit Fair raises $15M through a mix of equity and debt
Credit Fair will utilise the funding for expansion, including for hiring and entering into newer markets.
, a fintech startup that is into lending, has raised $15 million in a mix of equity and debt as part of its seed round led by a group of angels investors including Anand Ladsariya and Alok Agarwal.
Founded in 2018, Credit Fair will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into Tier-II and Tier-III cities to scale its Assets Under Management.
Credit Fair is looking to grow its active merchants base by 5x in the next one year, and 15x in another two years. It is also looking to grow disbursements up to a run rate of $10 million per month in the next two years.
On the funding round, Aditya Damani, Founder, Credit Fair said, “Our venture aims to financially empower Indians from remote areas or those without a credit score who traditionally comprise some of the most unbanked and underserved segments across the country. 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.”
Credit Fair will offer “no cost and easy EMIs” for four sectors: education, healthcare, home improvement, and electric vehicles.
On the investment, Anand Ladsariya said, “We are confident in Credit Fair’s vision and the dedication of its strong founding team as they work towards making India a more financially inclusive country.”
Credit Fair is a B2B2C fintech startup that offers lending solutions to both businesses and private individuals. The ticket size ranges from Rs 10,000 to Rs 20 lakh, and tenure from three months to three years. It has also partnered with over 1,000 merchants and brands such as upGrad, Nova IVF , Design Cafe, Asian Paints, Arrivae, Hero Electric, and Ampere by Greaves to name a few.
“We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” said Aditya.
Edited by Kanishk Singh