Lending fintech startup Credit Fair has raised $10 million in its seed funding round, which is a combination of debt and equity. The round was led by the LC Nueva Fund – LC Nueva AIF.
Capital A, Sattva Family Office, Khel Group’s Nitesh Damani and Nikhil Chandra Gupta and existing investors – Anand Ladsariya, Neeraj Goenka and Alok Agarwal participated in the equity round. While the companies InCred Finance, Vivriti Capital and Caspian Impact participated in the debt financing round.
With current fundraising, Credit Fair has raised a total of $25 million to date. Credit Fair will use the funds to develop technology and improve the customer experience at the point of sale. It will also use the funds to launch its affluent technology platform – Credit Fair Capital.
Founded in 2018 by Aditya Damani, Credit Fair is a B2B2C lending fintech startup offering customized low-cost and unsecured lending solutions to businesses and consumers. It offers loans ranging from INR 10 thousand to INR 20 million for a period of three months to three years.
Credit Fair aims to offer financial inclusion to 550 million consumers and 5,000 business partners on its platform. It also aims to achieve an annual operating rate of $360 million, according to the statement.
Credit Fair claims to have partnered with more than 1,000 merchants, including upGrad, Nova IVF, Design Cafe, Asian Paints, Scaler, PristynCare, Hero Electric and Ampere by Greaves, among others.
Aditya Damani, Founder and CEO of Credit Fair, said, “We are thrilled 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 to create a financially inclusive future and effectively diversify our financial solutions and services.”
Ankit Kedia, Founder of Capital A, said, “At Capital A, we believe in backing startups that have a solid business model, team and market potential. Credit Fair has the potential to emerge as the platform of choice for consumers and businesses searching for convenient credit solutions.”
In 2021, Credit Fair secured $15 million in its seed round of funding from Anand Ladsariya and Alok Agarwal.
In October 2020, it was part of the Village Capital Finance Forward India 2020 accelerator program, which helps startups offer financial inclusion to Indian households and women. It competes with fintech lending startups such as ARTH, Aye Finance and ZestMoney, among others.