Fintech startup CreditMantri raises $7.6M in Series B round

CreditMantri, an Indian fintech startup, has raised $7.6 million (Rs 51 crore) in a Series B round of funding led by US-based VC firm, Quona Capital. Existing investors IDG Ventures, Newid Capital, and Elevar Equity also participated in the funding round. Founded by Citibank executives, Ranjit Punja, R Sudarshan and Gowri Mukherjee in 2012, the startup offers a platform for consumers to create their credit profile by helping them understand their credit potential and make informed decisions. It uses traditional data like credit reports and alternative data like social media and data from mobile phones to check a borrower’s credit health. The startup plans to invest the funds in customer acquisition, strengthen its product proposition, improve its technology platform and expand its workforce. Ranjit Punja, CEO, CreditMantri further revealed in a statement that the startup will add more functionalities and features besides growing its team. From a 75 member team, he hopes to have 130 by the end of the year. “Lending in India, and doing so responsibly, is a huge opportunity, and alternative data is the key to unlocking this potential. The digitization of Indian consumers’ financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India,” said Ganesh Rengaswamy, Founding Partner, Quona Capital. The funding received is reportedly over three times the series A funding CreditMantri bagged in May 2015, when Elevar Equity, IDG Partners and Accion Venture Lab infused $2.5 million (Rs 15 crore) into the startup. So far, the company claims to have served over 1.4 million, and has also joined hands with financial institutions in the area of verification and underwriting.