Team Startupcity

• CWC raised Rs 200 crore, led by Trident Growth Partners investing Rs 120 crore for an 18% stake; the rest from family offices.
• CWC aims to grow AUM to Rs 4,500 crore by March 2030, with a 50:50 split between two-wheeler loans and micro LAP.
• Operating via a branchless model, CWC currently serves customers in 215 cities across 10 states.

Bengaluru-based private equity firm Trident Growth Partners has led a Rs 200 crore funding round in lending startup CWC, marking its first institutional investment in the company. Trident invested Rs 120 crore for an 18% stake, while the remaining Rs 80 crore came from large family offices and individual investors. The funding has boosted CWC’s net worth to Rs 275 crore.

Founded in 2019, CWC began lending operations in 2021, with Mumbai as its first market. The startup reported assets under management (AUM) of Rs 646 crore as of March 2024, a 32% increase from Rs 489 crore the previous year. Co-founder Aalesh Avlani stated, “Trident Growth Partners is joining us as a long-term strategic partner. This capital will be used to scale operations and further strengthen our tech stack”.

CWC aims to grow its AUM to Rs 4,500 crore by March 2030, maintaining a 50:50 portfolio split between two-wheeler loans and micro loans against property (LAP). The company recently began offering LAP of Rs 5-10 lakh to its existing borrower base. According to Avlani, “Two-wheeler loans will be our acquisition product with high ROA, while micro LAP will be our high AUM driver”.

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CWC operates on a branchless model and currently serves customers in 215 cities across 10 Indian states, leveraging its technology-driven platform.

This marks Trident’s second investment in the non-banking finance space. Earlier this year, the private equity firm announced a Rs 1,000 crore first close for its debut fund.