Credit Fair, a consumer lending digital technology business, has raised Rs. 15 crore in debt investment from State Bank of India, India’s largest public sector lender. The money will allow Credit Fair to concentrate on its growth strategy of improving customer happiness on its digital payments platform and fostering product innovation.
The NBFC has a cutting-edge fintech lending platform for rural India, where it provides small-ticket loans in four major areas: renewable energy, house improvement, healthcare, and education. It intends to expand in Tier II and Tier III cities, in order to increase AUM and disbursements up to $100 million in the coming year.
Aditya Damani, Founder, and CEO, Credit Fair, said: “We have delivered right amount of credit at the right time with our technology. With SBI’s backing, we can also provide credit at the right cost.”
“This funding is a testimony to the growth potential of the Credit Fair. It also underscores the company’s profitability and ability to innovate newer solutions for business expansion. The investment fits perfectly with our expansion plans and future strategies,” Damani added.
The company has now become one of the few seed-funded startups obtaining an investment-grade rating. It just received the Acuité Ratings & Research rating, which took into account the company’s skilled management team, strong capitalisation levels, and considerable growth in assets under management (AUM) over the fiscal year 2021-22.
