CreditMantri raises $7.6 million led by Quona Capital

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Online lending platform CreditMantri today said it has raised USD 7.6 million (about Rs 51.4 crore) in a Series B (second strategic round) funding from Quona Capital and others.

The funding round was led by Accion Frontier Inclusion Fund, managed by Quona Capital along with Newid Capital and existing investors Elevar Equity, IDG Partners and Accion Venture Lab, CreditMantri said in a release. CreditMantri will use the funds to grow its user base, strengthen product proposition and build the team, it added. Veda Corporate Advisors was the bankers to the transaction.

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CreditMantri co-founder and CEO Ranjit Punja said,

“The funds raised will help us deliver a complete suite of products and services to give the Indian consumer better choice and make credit truly possible,”

The company has served over 1.4 million users till date with over 60 per cent of users providing access to over 2,000-plus credit relevant data points in-order to build their credit profile using CreditMantri’s proprietary algorithm. All data is captured or shared only after obtaining explicit consumer consent.

CreditMantri was founded by three former Citibank executives – Ranjit Punja, R Sudarshan and Gowri Mukherjee.

“Lending in India, and doing so responsibly, is a huge opportunity, and alternative data is the key to unlocking this potential. The digitisation of Indian consumers’ financial data, pioneered by CreditMantri, is the catalyst that will help build a truly financially inclusive India. Quona is very excited to partner with CreditMantri team and we have tremendous confidence in the team and the way they are solving this important problem,” says Ganesh Rengaswamy, founding partner, Quona Capital.

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