Consumer lending fintech startup Credit Fair has announced a significant milestone, raising $15 million in its seed funding round. The funding, a blend of debt and equity, underscores the growing traction of Credit Fair’s innovative approach to offering financial solutions to Indians.

Funding Details and Investors

Led by prominent angel investors Anand Ladsariya, CEO of Everest Flavours, and Alok Aggarwal, CEO of Striver Capital Advisors, the seed funding round marks a pivotal moment for Credit Fair. Both investors bring a wealth of experience, having previously backed successful digital ventures such as OYO, Ola, 1Mg, and Myntra.

Company Overview

Founded in 2018 by Aditya Damani, Credit Fair specializes in providing loans to individuals across India, particularly those residing in remote areas or lacking a traditional credit score. The company offers a diverse range of loan amounts, spanning from ₹10,000 to ₹20 lakh, with flexible repayment periods ranging from three months to three years.

Strategic Partnerships and Expansion Plans

Credit Fair has established itself as a financial partner to various organizations, including upGrad, Nova IVF, Design Cafe, Asian Paints, and Hero Electric. The company’s strategic alliances reflect its commitment to addressing diverse financial needs across sectors.

With the newly secured funding, Credit Fair aims to bolster its technological capabilities by expanding its technology team and refining its underwriting models. Additionally, the company plans to broaden its geographical footprint by venturing into Tier 2 and 3 cities.

Vision for Financial Inclusion

Aditya Damani, the founder of Credit Fair, articulated the company’s vision to empower underserved segments of the Indian population, particularly those without a credit history. By extending credit to key sectors such as upskilling courses, healthcare expenses, and electric vehicle financing, Credit Fair aims to contribute to India’s social infrastructure development.

Industry Outlook

The digital lending sector is experiencing exponential growth globally, as highlighted by a Statista report. From $9 billion in 2012 to $110 billion in 2019, the digital lending market is projected to reach a valuation of approximately $350 billion by 2023. Credit Fair’s strategic positioning within this burgeoning market underscores its potential for future success and impact in driving financial inclusion initiatives across India.