Mumbai-based InfoCredit Services Pvt. Ltd, which operates credit scoring platform CreditVidya, has raised $5 million (Rs 32 crore) in a fresh round of funding led by Matrix Partners, the company said.
Existing investor Kalaari Capital, which had invested $2 million in June 2016, has also participated in the round. While Matrix put in Rs 23.81 crore, Kalaari accounted for the rest.
The company will use the money to add a wide range of anti-fraud and verification services to its existing big data underwriting platform, besides improving its AI-based credit underwriting algorithms that use over 10,000 data points for risk assessment, the company said in a press note.
As a part of this transaction, InfoCredit issued 5,951 Series B compulsorily convertible cumulative preference shares and 100 equity shares to the investors, show documents with Ministry of Corporate Affairs.
The subscription price of the preferential shares was Rs 51, 601 apiece, including a premium of Rs 51,501. The equity shares, which were entirely allocated to Matrix, were also subscribed at the same price, but on a premium of Rs 51,591.
According to Vikram Vaidyanathan, managing director, Matrix Partners, growth opportunities for CreditVidya are immense. “Every bank and NBFC has now embraced technology-based sourcing and underwriting to help bridge the credit gap for first-time borrowers.”
CreditVidya was founded in 2013 by former Experian Credit Information Company India Pvt. Ltd executives Abhishek Aggarwal and…