India-based consumer-lending fintech start-up Credit Fair has secured $15m as part of a seed round. The round was led by angel investors Anand Ladsariya and Alok Agarwal.
The company raised the new capital in a combination of equity and debt.
Credit Fair will utilise the new funds to strengthen its technology team and improve underwriting models. It also plans to expand its services to Tier 2 and Tier 3 cities.
Credit Fair founder Aditya Damani said: “Our venture aims to financially empower Indians from remote areas or those without a credit score who traditionally comprise some of the most unbanked and underserved segments across the country.
To this end, we are extending credit across key sectors that are crucial for improving India’s social infrastructure, especially in these Covid times, and secure the support of seasoned angels like Siddharth and Alok, who believe in our vision.
“We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat.”
According to the website, Credit Fair was founded in 2018 and offers lending solutions to individuals and businesses. It has also received NBFC registration from the Reserve Bank of India, the central bank of the country.
The ticket size ranges between INR10,000 ($134) to INR2m with a time period from three months to three years.