Consumer lending fintech startup Credit Fair, on July 14, announced that it has raised $15 million as a part of its seed funding round in a mix of debt and equity.
The round was led by two seasoned angel investors, chief executive (CEO) of Everest Flavours Anand Ladsariya and Striver Capital Advisors’ CEO Alok Aggarwal, who have previously invested in other digital businesses like OYO, Ola, 1Mg, Myntra and more.
Credit Fair was founded in 2018 by Aditya Damani to offer financial solutions to Indians from remote parts of the country. The company offers small to large ticket size loans, ranging between ₹10,000 to ₹20 lakh, for a tenure of three months to three years.
The company is also a financial partner to several companies like upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves to name a few. The company was founded in 2018 by Aditya Damani to offer financial solutions to Indians from remote parts of the country.
Credit Fair plans to use this funding for building its technology team, enhancing underwriting models and expanding into Tier 2 and 3 cities. It will also look to scale its assets under management by sharpening its focus on financing upskilling courses, healthcare needs, down payment assistance for homeowners and financing for electric two and three-wheelers.
“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 times… We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” Damani said in a press statement.
According to a Statista report, digital lending is the fastest-growing segment in the fintech industry globally. It has grown from $9 billion in 2012 to $110 billion in 2019, and is poised to be valued around $350 billion by 2023.
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