The startup will use the newly raised funds to improve risk evaluation technology, introduce new student-lending features, and expansion of team. A mail sent to Lightspeed did not elicit a response, at the time of publication.
RedCarpet was founded in 2015 by Abhay Tamaria, Sandeep Srinivasa, and Kartik Venkataraman. It provides instant credit scoring and enables purchase financing using advanced AI. Users can avail instant credit for online purchases, they can buy any product from any site and pay back in easy installments.
It majorly acts as an EMI/installment payment platform for students for their online purchases in ecommerce, travel, etc.
According to the company website, RedCarpet arranges loans of up to INR 60,000 per borrower, with the average loan size at INR 5,000- INR 8,000.
It was a part of Y Combinator’s Summer 2015 batch. It was also one of the six startups that were a part of the second batch of Indian startups that joined the Launchpad Accelerator programme at Google Headquarters in Silicon Valley, California.