Chennai-based online credit management service startup CreditMantri Finserv Pvt Ltd said on Friday that it had raised its first (Series A) round of funding worth $2.5 million (about Rs 16 crore) from IDG Ventures India, Elevar Equity and Accion Venture Lab.
CreditMantri will use the fresh funds to broaden and accelerate their platform development and to further build their user base.
Founded in 2012 by Ranjit Punja, R Sudarshan and Gowri Mukherjee, CreditMantri allows its customers to access their credit scores, learn how they can improve their credit health, resolve past issues, reduce current borrowing costs and discover products to match their credit profile. It essentially profiles customers and gives them a credit score to assess their credit worthiness.
“CreditMantri aims to disrupt the way customers apply for loans and hopes to ultimately enable wider credit dispensation,” said Ranjit Punja, co-founder and chief executive of CreditMantri.
“We will use the money to grow the team, advertising and improve back-end technology,” said Ranjit Punja, cofounder and chief executive. CreditMantri plans to grow its employee strength to 45 from 23, mainly for its technology team.
The founders of the startup are all ex-bankers all of whom have over 15 years of experiences.