Credit Fair, a consumer lending fintech startup, has raised $15 million (Rs 111.7 crore) as part of its seed round led by angel investors Anand Ladsariya and Alok Agarwal.
The investors have previously backed startups including Oyo, Ola, Myntra, Healthkart, WowMomos, Uniphore and 1mg.
This seed funding is a blend of equity and debt. Credit Fair will leverage the capital infusion to augment its technology team, enhance underwriting models and expand into Tier II and Tier III cities.
Formed by Aditya Damani in May 2018, the B2B2C lending focused startup aims to build a credit ladder for 550 million underserved Indians. It offers lending solutions to both businesses and private individuals.
The ticket size ranges from Rs 10,000 to Rs 20 lakh and tenure from 3 months to 3 years. Its financial partners are over 1,000 merchants including brands such as upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves.
