The Indian consumer-lending fintech startup, Credit Fair, has recently raised a seed funding of $15 million led by two angel investors namely Anand Ladsariya and Alok Agarwal, who hold experience in overseeing startups including Oyo, Ola, Myntra, Healthkart, Wow Momo, Uniphore and 1mg. Credit Fair is supposed to harness the capital infusion to enhance its technology team, underwriting models and operations across Tier-II and III cities. This is in view of scaling up its assets under management and also progress further in its mission. Furthermore, the company envisages empowering every Indian to raise up the credit ladder by offering them the right amount of credit at the right cost and time.
“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, and secure the support of seasoned angels like Siddharth and Alok, who believe in our vision. We will utilize the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” says Aditya Damani, Founder, Credit Fair.
Credit Fair was founded in 2018 by Aditya Damani and is backed by K.M. Global Group, which has over 30 years of experience in financial services. The company has successfully obtained its NBFC registration from the Reserve Bank of India. The company breathes a strong mission to create a fair and inclusive financial world for every Indian. To achieve this, Credit Fair is building a cutting edge FinTech lending platform for Bharat. Its journey has kick-started by offering instalment loans in four key sectors entailing Education, Healthcare, Home Improvement and Electric Vehicles.