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Fintech Credit Fair raises $10M

LC Nueva Investment Partners led the seed extension round

Fintech Credit Fair raises $10M
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POSTED ON August 04, 2022 10:34 AM

Fintech start-up Credit Fair has raised $10 million in a mix of debt and equity round led by LC Nueva Alternative Investment Fund (AIF), the early-stage venture capital fund by LC Nueva Investment Partners. With the current round, the Mumbai-based embedded credit fintech has raised a total of $25 million to date.

Other companies that participated in the equity round include venture capital fund Capital A, Sattva Family Office, Nitesh Damani of Khel Group, Nikhil Chandra Gupta and existing investors such as Anand Ladsariya, Neeraj Goenka and Alok Agarwal. InCred Finance, Vivriti Capital and Caspian Impact have provided debt capital in this seed extension round.

Sohil Chand, Founding Partner and Chief Investment Officer for LC Nueva AIF, pointed out, “The revival of economic activities after the pandemic-led disruptions have resurrected the consumer sentiment and reinvigorated the credit demand across business and consumer segments. The behavioural shift has also catalysed steady adoption of digital channels and omnichannel platforms for business or consumer finance solutions.”    

While talking about this fundraise, Aditya Damani, Founder and CEO of Credit Fair, said, “This round will strengthen our mission to extend credit to underserved Indians. The capital infusion and guidance from the marquee group of investors will help us accelerate our journey towards creating a financial inclusive future and effectively diversifying our financing solutions and services.”

The fintech said it would utilise the capital to augment its technology and launch new products in the wealth-tech space. In a statement, it added that it would enable retail investors to access secured fixed income alternatives previously available only to high net-worth individuals (HNIs). 

Damani founded Credit Fair in 2018, intending to drive financial inclusion by offering customised lending solutions to under-served business and consumer segments. The company claimed that the average ticket size of loans on its platform ranges between Rs 10,000 and Rs 20 lakh, with a tenure of three months to three years. It will aim to reach 5,000 active merchant partners and grow its annual disbursements run rate to $360 million shortly.

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