CreditMantri, a financial services startup helping consumers take better financial decisions, has raised $2.5 million from IDG Ventures India, Elevar Equity and Accion Venture Lab in its first round of institutional funding.
With this latest cash infusion, the firm is now planning to grow its employee base to 45. It currently has about 25 employees working for the company.
Founded about 18 months ago by Ranjit Punja, R. Sudarshan and Gowri Mukherjee, the founders formed the platform with a belief in the power of technology and the digital medium to transform the way credit is delivered in India.
The company was founded to help you to take charge of your credit health and to help you make better borrowing decisions. It is focused on simplifying credit. It tries to help you understand your credit worthiness and provides individual credit assessment, and whether you are eligible for a loan from leading banks or not. The platform basically helps users know their CIBIL score, and then provide relevant help/solutions on how their score could be improved for loan acceptance.
Jyotsna Krishnan, director and head of India investments at Elevar Equity, said,
Lenders have access to demand from people who don’t have credit history or those who have it, but get rejected due to poor financial literacy or messed up credit history. It’s a massive segment that banks and financial institutions are trying to get to. CreditMantri has a perfect proposition that sits in the middle of the sweet spot on both sides.
To start with, customers are asked to upload their CIBIL credit report. However, if a user fails to procure the same, then they can request for a Equifax report online, for which CreditMantri provides step-by-step guidance. Once you’ve uploaded/received your CIBIL report you get free credit score for further analysis.
Through CreditMantri’s dashboard analytics, the user can understand his/her Credit Worthiness and accordingly flag off problem areas where you need expertise/ help.
Once improved, the user can now apply for fresh loans with an improved CIBIL score and can also look for loans which suit his/her EMI limits. Your entire credit score timeline is saved with CreditMantri, for you future reference, if you wish to apply for loans again.
CreditMantri currently claims to have 20,000 registered clients for its service and has tie-ups with eight loan providers.