Indian consumer lending startup Credit Fair, has raised an undisclosed amount of debt from Northern Arc Capital, according to a report from VCCircle.
Credit Fair said it plans to use the funds to offer specific financing for education, medical, electric vehicles and home renovations to its customers.
Aditya Damani, founder of Credit Fair added, “We will benefit from Northern Arc’s experience in advising hundreds of leading companies in financial services. Besides the injection of funds, they will advise us on optimising our debt-raising strategy.”
Earlier this year, the lending platform reportedly closed its seed round on $15m.
Founded in 2018, the B2B2C company aims to build a credit ladder for 550 million under-served consumers in India. It offers lending solutions to both businesses and private individuals, offering a selection of unsecured loan options, ranging from INR 10,000 ($134) to INR 2m ($26,000).
The company’s financial partners comprise over 1,000 merchants including brands such as upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves.
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