CreditVidya, which uses data to provide credit scores for individuals, has raised $5 million in its series B funding round led by Matrix Partners India. The Mumbai-based company’s existing investor Kalaari Capital has also participated in the latest fund raise. CreditVidya counts Deepak Parekh’s son Siddharth Parekh and Silicon Valley-based angel investor Munish Mehta as its seed investors.The startup uses about 10,000 digital data points to assess the credit worthiness of a potential borrower and offers the intelligence to its partner banks and non banking financial companies.
Started in 2013, CreditVidya has partnered with over 20 such financial institutions, including names like ICICI Bank, Bajaj Finance, Capital First, Fullerton India, Tata Capital, Aditya Birla Finance, among others.
“We have assessed over five million potential borrowers to date and the platform has grown to process over 200 gigabytes of unstructured data per day on an average, compared to few hundred megabytes last year,” said Abhishek Agarwal, co-founder and CEO, CreditVidya.
Essentially, the company positions itself as a modern day Credit Information Bureau of India (CIBIL), India’s first credit bureau. But multiple startups have come up in this space like Udhaar, IndiaLends, Credit-Mantri, among others.
Source: Times of India