Mumbai-based fintech startup CreditVidya has raised $2 Mn (INR 13.3 Cr) in Series A round of funding led by venture capital fund Kalaari Capital.
Siddharth Parekh, managing partner of Paragon Ventures and an existing investor, has also invested an additional $150K (INR 1 Cr) in his personal capacity.
Founded in 2013 by Abhishek Agarwal and Rajiv Raj, CreditVidya is a B2B technology platform that uses big data and advanced machine learning techniques to provide credit scores to consumers, banking and financial institutions. According to the founders, more than 10,000 data points are collected and referred to, before arriving at a particular score. CreditVidya counts financial institutions, such as, Fullerton India, Bajaj Finserv, IDFC Bank, Tata Capital and Shriram Housing Finance among its clientele.
The startup typically earns its fee by charging lenders for every credit score requested by them..
Abhishek Agarwal, founder and CEO of CreditVidya, said, “Our big data platform leverages over 10,000-plus such unique digital data points to assess the creditworthiness of a potential borrower. We work very closely with our lending partners to develop customised scorecards for their product offering so that they can approve more creditworthy customers.”
The startup plans to use the proceeds to further build its technology platform, launch new products and expand its headcount, with a particular focus on ramping up its data sciences team.
CreditVidya is in direct competition with startups like CrediWatch and KredX. Moreover, with the P2P platforms enrooting the lending landscape CreditVidya also competes with startups like i2ifunding and Faircent.
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