Fin-tech startup CreditMantri, which helps customers take better financial decisions, has raised $7.6 million in its Series B round of funding, led by Quona Capital. Along with Quona, Elevar Equity, IDG Partners, Accion Venture Lab, and Newid Capital have also participated in the round.
The funding amount raised in the current round will be used by the company to grow its user base, strengthen product proposition and to further build out the team. Speaking on the fundraise, Ranjit Punja, CEO and co-founder CreditMantri said,
The richness in the quality of our credit profiles is validated by the uptake and portfolio performance of the tailormade loan products launched in partnership with financial institutions. The response from consumers and lenders has far exceeded our expectations and validates that we are solving a real market need.
Ganesh Rengaswamy, founding Partner, Quona Capital comments on the investment as under:
Lending in India, and doing so responsibly, is a huge opportunity, and alternative data is the key to unlocking this potential. The digitisation of Indian consumers’ financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India. Quona is very excited to partner with CreditMantri team and we have tremendous confidence in the team and the way they are solving this important problem.
The company claims to have more than 1.4 million users till date with over 2000+ credit relevant data points used to process the credit profile using its proprietary algorithm.
Earlier, in June 2015, the startup raised $2.5 million in Series A round of funding from IDG Ventures India, Elevar Equity and Accion Venture Lab. The company was founded by Ranjit Punja, R. Sudarshan and Gowri Mukherjee, with a belief in the power of technology and the digital medium to transform the way credit is delivered in India.
CreditMantri is focused on simplifying credit. It tries to help you understand your credit worthiness and provides individual credit assessment — meaning 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.
