Online credit management firm CreditMantri raises fresh funds from IDG Capital, others

Chennai-based online credit management startup CreditMantri Finserve has raised Rs 6 crore (about $800,000 in current exchange rates) from its existing investors — venture capital firms IDG Ventures, Elevar Equity and impact investor Accion.

The company has issued 34,990 and 27,992 preference shares to IDG Ventures India Fund II LLC and Elevar M-III (Elevar Equity), according to regulatory filings. Accion’s three entities — Accion Frontier Inclusion Mauritius, Accion Africa-Asia Investment Company and Accion Venture Lab  have received 34,990, 4,899 and 9,097 preference shares respectively. The price per share for the deal stood at a premium of Rs 533.

Prior to this funding round, CreditMantri had raised $7.6 million in its Series B round of funding led by existing investors.

Founded in 2012 by former Citibank executives Rajasundaram Sudarshan, Gowri Mukherjee and Ranjit Punja, CreditMantri is an online platform that helps customers make borrowing decisions. It helps them understand their credit scores, learn how to improve it, resolve past issues and reduce current borrowing costs, among other things. The platform also acts as a marketplace for selling loans and credit cards to users.

Although the fintech segment has been affected by Covid 19-induced funding crunch, it has still a few investor interests. Last week, Bengaluru-based Refrens Internet raised an undisclosed amount in an angel funding round. 

Earlier this month, Singapore headquartered fintech startup Nium, previously known as InstaRem, raised an undisclosed amount of capital in a growth funding round from financial services major Visa and BRI Ventures, the venture capital arm of Bank BRI in Indonesia. 

Around the same time, LoanAdda raised capital from Mumbai-based ah! Ventures.