The funding round was led by Cornerstone Venture Partners Fund, with participation from Exfinity Venture Partners and Mukul Agarwal, founder, Param Capital
The startup plans to use the fresh equity to upscale, introduce more banks/NBFCs, among others
Credilio has set a target of hitting INR 100 Cr in ARR by March 2023
Fintech startup Credilio has raised $4 Mn in a Pre-Series A funding round from a number of investors.
Led by Cornerstone Venture Partners Fund, the funding round also saw the participation of Exfinity Venture Partners and the founder of Param Capital, Mukul Agarwal as an angel investor.
According to the fintech startup, it will deploy the fresh funds towards building up its lending product portfolio, including more API bank stacks, NBFCs and introducing analytical tools and credit bureau information.
Further, Credilio has plans to scale towards Tier 2-3 cities and introduce seven regional languages on its platform.
The startup has set targets of meeting an ARR of INR 100 Cr by March 2023 and creating a customer base of 25 Mn within the next three years. Notably, Credilio claims to have hit an ARR of $1 Mn within the first six months of operation.
Founded in 2020 by Aditya Gupta and Anand Kapadia, the startup helps financial advisors educate customers and recommend products that are best suited to meet their personal credit requirements.
Credilio had raised a seed fund round from angel investors in June 2021 and launched operations shortly after.
The financial advisors can use the startup’s app to recommend products to customers and help onboard customers digitally as well. Further, Credilio offers this service to multiple banks and NBFCs as well.
Credilio claims to have an active base of more than 10k financial advisors across the country and has processed over 5 Lakh applications for more than 20 banks and NBFCs, in just within a year.
Aditya Gupta, cofounder and CEO, Credilio, said, “ With this raise, we aim to not only strengthen our core offerings but also scale the platform to expand our footprint effectively deeper into the country. Our target is to onboard 1 Mn Financial Advisors for loans and cards over the next 24 months.”
India’s fintech market is arguably one of the largest in the world. In 2021, the country’s fintech startups raised around $8 Bn ($7.97 Bn, to be precise) across 280 funding deals.
India’s overall fintech market opportunity is estimated to be $1.3 Tn by 2025, growing at a CAGR of 31% during 2021-2025, according to an Inc42 analysis.
Within the growing fintech opportunity, lending tech will arguably see the most growth, accounting for 47% ($616 Bn) of the total market opportunity by 2025.