Crediwatch bags Fresh Funds in Series A Funding Round
The Company previously raised USD 1.6M from Modern India Ltd. Also, many other capitalists such as FlipKart’s former CPO, Mekin Maheshwari and Pithambar Gona, Managing Director, Blackstone Pvt Equity Asia which brought upto USD 5 million to the company’s asset.
It offers a ‘Trust Score’= an analytics based portal which is derived from available data points extracted out of various sources. This modules helps to assess borrowers and monitor them while and after the finance lending procedures.
The founder and CEO, Meghna Sukumar, Crediwatch claims that the fund received will be used to scale up the ‘Trust Score’ model and implement it on businesses specifically on SMEs and MSMEs. It is also planning to expand the workforce by 50% of current manpower in Bengaluru. “We are planning to hire good resources on the product side as we are doing a lot of research and development,” she said. Along with all the thoughts Crediwatch is also making effort to increase the customer based in India.
The tech-driven startup is working with State Bank of India, Karur Vysya and many other institutions. The funding round also included participation of Abstract Ventures. Ramtin Naimi the founder of this leading venture capital firm said, “We have observed various algorithm-based lending models trying to address the issues regarding digital lending, but the lack of data and utility platform for the industry has created a gap. Creditwatch is one of the businesses that are committed to brie this gap and we are delightful to support them.”