The NBFC plans to make use of the recent capital to develop its vendor community, enhance geographical growth and enhance assortment expertise and underwriting models
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Two-wheeler targeted lending startup Credit score Clever Capital on Tuesday mentioned it has raised USD 6 million in seed funding spherical.
A clutch of angel traders, together with Ajay Goel, alumnus of Stanford Enterprise Faculty and serial investor, Anuj Golecha, founding father of Enterprise Catalysts, Gaurav Gandhi, director at EssGee group, Anup Agarwal, director of Shanti Group and Gaurav Singhvi participated within the funding spherical.
The Mumbai-headquartered non-banking monetary firm (NBFC) plans to make use of the recent capital to develop its vendor community, enhance geographical growth and enhance assortment expertise and underwriting models.
Based by Hirak Joshi and Aalesh Avlani, Credit score Clever Capital is a two-wheeler financier that deploys mixture of conventional lending and new-age fintech information science for lending. The corporate claims that its tech helps cut back assortment prices and with pre-delinquency administration by initiating assortment effort even earlier than the primary presentation.
“Many lenders progressed fast thinking that tech would handle risk on its own. They forgot that technology is as good as the hands that are put into use. Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one,” mentioned co-founder Joshi.
The corporate deploys each conventional vendor pushed strategy and tech-enabled course of for loan origination. For the latter, it makes use of a proprietary software and a enterprise rule engine that considers over 35 parameters for deciding whether or not the client qualifies for a loan or not.
At present current in Mumbai and Pune, Credit score Clever Capital has a community of over 100 sellers and has disbursed loans for about 12,000 two-wheelers in a span of 16 months with a mean ticket dimension of INR 65,000. At present, it has partnered with AU Small Finance Bank, Hinduja Leyland Finance and Vivriti Capital.
Commenting on the deal, Mayank Shah, Chairman of M J Shah Group mentioned “We were impressed with the systems and processes that they have built. The razor sharp focus on cost reduction to achieve scalability in this business was one of the primary reasons for our investment in Credit Wise Capital.”