Consumer-lending fintech startup Credit Fair has raised USD 10 million (around Rs 79 crore) in seed extension funding round in equity and debt, led by LC Nueva Investment Partners and others.
Other investors include venture capital fund CapitalA, Sattva Family Office, Nitesh Damani of the Khel Group, and Nikhil Chandra Gupta, apart from existing investors such as Anand Ladsariya, Neeraj Goenka and Alok Agarwal. Incred Finance, Vivriti Capital and Caspian Impact have joined the funding round by providing debt capital to the company, which had in July last year raised USD 15 million in seed round in a mix of debt and equity from by angel investors Anand Ladsariya and Alok Agarwal of Striver Capital Advisors.
The company will use the fund to boost customer experience and launch wealth-tech platform, said Credit Fair, which is an embedded credit fintech start-up. The Mumbai-based fintech started in 2018 will also leverage the capital infusion to launch its wealth-tech platform, Credit Fair Capital, which will enable retail investors to access secured fixed income alternatives that were previously available only to high networth individuals, Aditya Damani, founder and chief executive said.
It has 5,000 active merchant partners and its annual disbursements are in the range of USD 360 million. The loan ticket size ranges from Rs 10,000 to Rs 20 lakh and the tenure from three months to three years. Some of its merchant clients include Upgrad, Nova IVF, Design Cafe, Asian Paints, Scaler, PristynCare, Hero Electric and Ampere by Greaves among others.
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