Delhi-based Smart Payment card app Olly-Credit has raised an undisclosed amount from Japan’s Incubate Fund. The fintech startup run by Money King Remittance Technologies Pvt Ltd also saw participation from Sandesh Kirkire, Former CEO of Kotak Mahindra Asset Management Company and Yogesh Chaudhary, Director, Jaipur Rugs.
Founded in January 2015 by Ashwin Bhambri and Ringaile Noq, Olly-Credit offers micro credit cards with a dynamic credit limit of upto Rs 20,000. The users can use the credits online and in physical stores. Shubhang Seth and Akshay Palivela are also the members of founding team.
“Traditionally banks offering credit-cards have targeted only the creamy-layer evident by the fact that there are just 16.4 million credit cards users in India. Every working Indian should have a credit card and never fall short of basic purchasing capacity for groceries, bill payments and other essentials,” said Bhambri, the CEO of Olly, reported ET.
Incubate Fund, one of Japan’s leading venture capital firms, had raised $91 million fund two years ago for backing early-stage startups in India, North America and Asia. It invests in India out of a $5 million investment vehicle set up specifically for India investments. In its first investment in India, the VC firm led a bridge round in business-to-business FMCG platform, ShopKirana in December 2016.
In August, this year, Bengaluru-headquartered co-living startup StayAbode raised an undisclosed amount of funding from Incubate Fund and a consortium of investors from the real estate industry.
So far Incubate fund has invested in seven Indian startups, and it usually invests in ticket sizes ranging from $200,000 to $500,000.
Olly earlier raised a seed funding from Shankar Roy, an angel investor. It also qualified for StartupChile program that granted some funding, as did Federal Bank Innovation Program.
The company which follows a B2B2C user-acquisition model boasts of a corporate client list such as Piccadily hotels, ITC Hotels, Cygnus Group of hospitals and Samsung, and it competes with the likes of NuBank, Float and Zest Money.