Mumbai-headquartered Fintech startup Credilio raised USD 4 million (INR 30 crore) in pre-Series A funding on March 23, 2022. Cornerstone Venture Partners Fund (CSVP Fund) and Exfinity Venture Partners participated in the funding.
Mukul Agarwal, the founder of Param Capital, also invested in his personal capacity.
Purpose of Funding for Credilio
The fresh capital will aid Credilio’s ambitions to meet an ARR of 100 crores by March 2023. They also seek to serve 25 million customers in the next three years.
Further, the proceeds will strengthen Credilio’s lending product penetration. The latest funding will enhance technological capabilities and harness the potential of evolving API stacks of banks or NBFCs. The firm wants to launch analytical tools and credit bureau information to find the accurate best-suited product portfolio that caters to a customer’s requirements.
Besides, Credilio will scale its presence in Tier-II and Tier-III cities. Moreover, the startup intends to introduce its platform access in 7 regional languages.
What the founder has to say
Aditya Gupta, Co-Founder and CEO, Credilio, said, “We are extremely delighted to have found the right partners to back our ambitions at this juncture of our growth journey. India currently has over 6 million individuals engaged in selling financial products such as loans, cards, insurance and investment products. The traditional personal finance market is largely dependent on intermediaries and riddled with manual processes, and that’s the challenge Credilio aims to solve by creating India’s first advisor-led technology platform for the distribution of personal finance products. With this raise, we aim to not only strengthen our core offerings but also scale the platform to expand our footprint effectively deeper into the country. Our investors bring together a perfect blend of experience in backing early-stage companies that can go on to become listed enterprises. Our target is to onboard 1 million Financial Advisors for loans and cards over the next 24 months.”
What the investors have to say
Nihar Ranjan, General Partner at Exfinity Venture Partners, said, “Credilio’s unique grassroots forward approach is a winning strategy, as it brings together Lenders, Intermediaries and Customers on one seamless platform to revamp the industry with new paradigms of transparency, speed and efficiency.”
In addition, Vatsal Bavishiz, Investment Director at Cornerstone Venture Partners, said, “Credilio fits perfectly with our investment thesis of Enterprise & SMB SaaS for India. I see Credilio’s potential to grow exponentially with its product-first approach and agile thinking. The strong founder team and a robust go-to-market strategy make them a winning bet as we look toward innovation in the fintech industry. We are particularly excited about the unmatched reach the platform creates for traditional ‘offline’ distribution channels to seamlessly go digital and benefit from access to numerous products and efficiencies of the platform –taking this to the smallest towns & cities in India!”
Param Capital founder, Mukul Agarwal, said, “With Credilio’s diverse and promising partner portfolios and its plan to expand to the heartland of India, I see them playing a critical role in dynamically shifting the gears for fintech innovation in India in order to make it inclusive and progressive.”
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