Credit Fair, the Mumbai-based integrated credit technology company, has secured 10 million in equity and debt in its seed round.
The new round of investment that was launched on the back of a five-fold increase in year-over-year growth and sustained profit and was managed by LC Nueva Investment Partners, through its early-stage venture capital fund, LC Nueva Alternative Investment Fund (AIF). It also had participation from the venture capital fund Capital A, Sattva Family Office, Nitesh Damani of Khel Group, and Nikhil Chandra Gupta along with existing investors like Anand Ladsariya, Neeraj Goenka, and Alok Agarwal. InCred Finance, Vivriti Capital along with Caspian Impact have provided debt capital.
Aditya Damani the Founder and CEO of Credit Fairsaid, This round will help us further our mission of providing credit to less-served Indians. The capital injection and the guidance from the investors’ marquee group will assist us in our progress towards an inclusive financial future, as well as effectively diversifying our financial solutions and offerings.
Credit Fair said it will make use of the funds to improve technology and provide a better customer experience at the point of sale. The fintech company will utilize the capital boost to launch its wealth-tech platformcalled Credit Fair Capital, which will allow consumers to have access to secured fixed income options which were previously only available for high-net-worth investors.
Established in the year, Credit Fair aims to increase financial inclusion by providing individualized loans to the under-served business and consumers. Credit Fair hopes to help a million Indians climb the credit and wealth ladders.
Sohil Chand the Founding Director and Chief Investment Officer of LC Nueva AIF,said, The revival of economic activities following the pandemic-driven disruptions has revived the sentiment of consumers and re-energized the demand for credit in both consumer and business segments. This behavioural shift has resulted in the gradual use of digital channels and multi-channel platforms that can be used to consumers or businesses for financing solutions. We are thrilled to partner together with Credit Fair at this critical point and to support their efforts to expand the financial inclusion of all by facilitating the process of accessing credit.
Ankit Kedia, founder, Capital A, stated, At Capital A, we believe in supporting startups with a solid business model, a team, and market potential. Credit Fair could be poised to become the preferred platform for both businesses and individuals looking for easy credit solutions.