Credit Fair, a consumer lending fintech startup, has raised $15 million (about Rs 111.7 crore) as part of a seed funding round led by angel investors Anand Ladsariya and Alok Agarwal of Striver Capital Advisors.
Credit Fair will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into tier II and III cities to scale its assets under management (AUM), a statement said.
This seed funding is a blend of equity and debt, it added.
Founded in 2018, the B2B2C lending focused fintech startup 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.
Credit Fair is a financial partner for over 1,000 merchants including brands like upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves among others.
The company said it will utilise 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 USD 10 million run rate per month in 2 years," it added.
Aditya Damani, founder of Credit Fair, said the 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 times... We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” he added