SUMMARY
Capital A, Sattva Family Office, Nitesh Damani of Khel Group and Nikhil Chandra Gupta, Anand Ladsariya, Neeraj Goenka and Alok Agarwal participated in the equity round
InCred Finance, Vivriti Capital and Caspian Impact participated in the debt
Credit Fair will use the funds to develop technology and enhance customer experience at the point-of-sale; it will also deploy funds to launch its wealthtech platform–Credit Fair Capital
Lending fintech startup Credit Fair has raised $10 Mn as part of its seed funding round, which is a mix of debt and equity round. The round was led by LC Nueva’s fund–LC Nueva AIF.
The equity round saw participation from Capital A, Sattva Family Office, Nitesh Damani of Khel Group and Nikhil Chandra Gupta and existing investors–Anand Ladsariya, Neeraj Goenka and Alok Agarwal. While the debt funding round saw participation from InCred Finance, Vivriti Capital and Caspian Impact.
Credit Fair will use the funds to develop technology and enhance customer experience at the point-of-sale. It will also deploy funds to launch its wealthtech platform–Credit Fair Capital.
“We are excited to have investors like LC Nueva AIF and Capital-A who share our vision of deepening access to credit. The capital infusion and guidance from marquee investors will help us accelerate our journey towards creating a financially inclusive future and effectively diversifying our financing solutions and services,” said Aditya Damani, founder and CEO of Credit Fair.
With the current fundraising, Credit Fair has raised a total of $25 Mn to date.
Founded in 2018 by Aditya Damani, Credit Fair is a B2B2C lending fintech startup that offers customised low-cost lending solutions and unsecured loans to businesses and consumers. It offers loans ranging from INR 10K to INR 20 Lakh for the period of three months to three years.
Credit Fair aims to offer financial inclusion to 550 Mn consumers and onboard 5,000 merchant partners to its platform. It also aims to attain an annualised run rate of $360 Mn, according to the statement.
Credit Fair claims to have partnered with more than 1000 merchants including upGrad, Nova IVF, Design Cafe, Asian Paints, Scaler, PristynCare, Hero Electric and Ampere by Greaves, among others.
In 2021, Credit Fair secured $15 Mn in its seed funding round from Anand Ladsariya and Alok Agarwal.
In October 2020, It was a part of Village Capital’s accelerator programme, Finance Forward India 2020, which helps startups offering financial inclusion to Indian households and women.
It competes with the likes of fintech lending startups such as ARTH, Aye Finance and ZestMoney, among others.
According to an Inc42 report, the Indian fintech industry is anticipated to touch $1.3 Tn mark, growing at a CAGR of 31% during 2021-2025. Out of all sub-segments in fintech startups, lending tech accounts for 47% share ($616 Bn) in the fintech industry.
