CreditVidya raises $3 Mn in extended Series B round from Bharat Innovation Fund, others

CreditVidya, a fintech platform that provides credit underwriting API's to NBFC and other financial institution, has raised $3 million from Bharat Innovation Fund and the partners at Falcon Edge Capital.

The fresh capital comes as an extension to $5 million Series B round led by Matrix Partners. Existing investor Kalaari Capital also participated in that round.

The Abhishek Agarwal and Rajiv Raj founded startup will deploy the latest proceeds towards scaling its business by expanding deep technology credit underwriting platform.

According to Agarwal, CreditVidya has started reaching out to companies with large user base to help them lend their customers in partnership with major lenders, reports ET.

Mobile wallets, cab aggregators and original equipment manufacturers can leverage the platform.

Launched in 2013, CreditVidya uses non-traditional data sources to help lenders with information on credit scores for first-time borrowers. It relies on multiple data sources to predict repayment behaviour of consumers such as pending payments or categories of purchases, social networks and transactional data such as mobile recharges or online retail spends.

The startup claims to work with more than 40 lending institutions including Axis Bank, TVS Credit, Capital First, Fullerton India, Tata Capital, IndusInd Bank amongst and has processed more than 13 million customer applications.

With a current monthly disbursal rate of around Rs 10 crore, CreditVidya aims to reach the figure of Rs 100 crore over the next fiscal.

The Hyderabad-based startup had raised $2 million Series A round in 2016 and competes with Creditmantri, Creditsuvidha, Paisabazaar, Rubique among several others.