The fund is backed by marquee Indian and global investors and is affiliated with CIIE, Indian Institute of Management (IIM) Ahmedabad.
CreditVidya, an alternative data based credit scoring company, has raised $3 million in a funding round led by Bharat Innovation Fund. The latter is a deep-tech and IP-driven innovation focused $100-million early-stage venture fund to back breakthrough innovations in healthcare, agriculture, energy, fintech, digital and other emerging sectors. The fund is backed by marquee Indian and global investors and is affiliated with CIIE, Indian Institute of Management (IIM) Ahmedabad.
Sanjay Jain, partner at Bharat Innovation Fund said, “We are at the confluence of three trends in India – the rapid adoption of technology in the hands of people, the formalisation of the economy and the aspirations of the people to grow faster.”
CreditVidya is the leading player in the alternative credit scoring space, dedicated to making affordable credit accessible to more than 3 billion underserved people across the world. Lenders leverage CreditVidya’s technology platform to improve the credit cycle from end-to-end—prospecting, underwriting, and delinquency management, leading to reduced turn around time (TAT), reduced costs, lower rates of fraud, and consequently, higher profitability.
While the latest funding round in CreditVidya was led by Bharat Innovation Fund, Ryan Khoury, Navroz D Udwadia and Rick Gerson (founding members of Falcon Edge Capital) also participated in the round.
This is an extension to the last round of funding which was led by Matrix Partners. It will be used to expand the company’s deep technology credit underwriting platform. CreditVidya plans to leverage its leadership position in this space to help consumer businesses such as payments, e-commerce, hospitality etc, extend credit to their customers. CreditVidya’s series A funding was led by Kalaari Capital, who also participated in the previous round.
Speaking on the funding, Abhishek Agarwal, CEO & co-founder of CreditVidya said, “We want to remain at the forefront of using Big Data and deep tech to help formal lenders to significantly expand the coverage of unsecured, retail and working capital loans. We have now profiled over 13 million customers on our AI underwriting stack, and the results have proved it to be 2X as powerful as traditional bureau scores.”