Credit Fair raises $10M in seed extension round led by LC Nueva Investment Partners
, a Mumbai-based embedded credit fintech startup, has raised $10 million in debt and equity as part of its seed extension round.
The fresh investment round, initiated on the back of a 5X year-on-year growth and sustained profitability, was led by LC Nueva Investment Partners, through its early-stage venture capital fund, LC Nueva Alternative Investment Fund (AIF). The round also saw participation from venture capital fund Capital A, Sattva Family Office, Nitesh Damani of Khel Group, and Nikhil Chandra Gupta, apart from existing investors such as Anand Ladsariya, Neeraj Goenka, and Alok Agarwal. InCred Finance, Vivriti Capital, and Caspian Impact have provided debt capital.
Aditya Damani, Founder and CEO, Credit Fair said, “This round will strengthen our mission to extend credit to underserved Indians. The capital infusion and guidance from the marquee group of investors will help us accelerate our journey towards creating a financial inclusive future and effectively diversifying our financing solutions and services.”
Credit Fair said it will utilise the funds to augment technology and deliver a superior customer experience at point-of-sale. The fintech startup will also leverage the capital infusion to launch its wealth-tech platform, Credit Fair Capital, which will enable retail investors to access secured fixed income alternatives that were previously available only to high-net-worth investors.
Founded in 2018, Credit Fair aims to drive financial inclusion by offering customised lending solutions to under-served business and consumer segments. The company envisions helping a million Indians move up the credit as well as wealth ladders.
Sohil Chand, Founding Partner and Chief Investment Officer for LC Nueva AIF, said, "The revival of economic activities after the pandemic-led disruptions has resurrected the consumer sentiment and reinvigorated the credit demand across business and consumer segments. The behavioural shift has also catalysed steady adoption of digital channels and omni-channel platforms to go for business or consumer finance solutions. We are delighted to collaborate with Credit Fair at this critical juncture and support their mission to deepen financial inclusivity by simplifying access to credit.”
Ankit Kedia, Founder, Capital A, said, "At Capital A, we believe in backing startups that have a solid business model, team and market potential. Credit Fair has the potential to emerge as the platform of choice for consumers and businesses searching for convenient credit solutions.”