Credit Fair bags Rs 15-crore debt funding from SBI

Mumbai, Dec 14 Credit Fair, a consumer lending digital technology based startup has raised Rs. 15 crore debt funding from India's largest public sector lender State Bank of India. The funding will help Credit Fair focus on its growth strategy of enhancing customer satisfaction on digital payments platform as well as encouraging product innovations.

The NBFC has an advanced fintech lending platform for rural India, offering small-ticket loans in four key segments such as green energy, home renovation, healthcare and education. Is aims to expand in the tier-II and tier-III cities to scale up its AUM and to grow disbursements up to $100mn in the coming year.

Aditya Damani, Founder and CEO, Credit Fair, said: "We have delivered right amount of credit at the right time with our technology. With SBI's backing, we can also provide credit at the right cost."

"This funding is a testimony to the growth potential of the Credit Fair. It also underscores the company's profitability and ability to innovate newer solutions for business expansion. The investment fits perfectly with our expansion plans and future strategies," Damani added.

The company has now become one of the few seed-funded startups having an investment grade rating. Recently, it received the rating from Acuité Ratings & Research, which factored in the company's experienced management team, healthy capitalisation levels, and significant growth in the assets under management (AUM) during the 2021-22 fiscal year.