Credit Mantri said to raise around $8m in new funding round

India-based Credit Mantri has reportedly collected INR 6 crore ($800,000) from IDG Ventures, Elevar Equity and Accion.

As part of the deal, IDG has acquired 34,990 preference shares in Credit Mantri and Elevar has picked up 27,992, according to a report from Inc 42. Accion made the investment through three separate divisions Accion Frontier Inclusion Mauritius, Accion Africa-Asia Investment Company and Accion Venture Lab which picked up 34,990, 4,899 and 9,097 preference shares, respectively.

The share price was INR 533 ($7), the article reports citing documents filed with the ministry of corporate affairs (MCA).

Credit Mantri helps consumers get access to loans, providing them with a free credit score and information to help them better understand their credit worthiness. Users can then use the information to improve their credit scores and apply for loans.

Customers can use Credit Mantri to access loan offers for business loans, personal loans, credit cards and short-term loans from more than 40 lenders.

Prior to this round, the FinTech collected $7.6m in its Series B round back in 2017. Contributions to the round came from Accion Frontier Inclusion Fund with Elevar Equity, IDG Partners and Accion Venture Lab.

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