Online credit management service, CreditMantri today said it has raised $2.5 million (about Rs 16 crore) in first strategic round of funding (Series A) from IDG Ventures India, ElevarEquity and AccionVenture Lab.
CreditMantri will use the funds to broaden and accelerate their platform development and to further build their user base, it said in a statement here.
On the company's site, customers can access their credit scores, learn how they can improve their credit health, resolve past issues, reduce current borrowing costs and discover products to match their credit profile.
Many lenders continue to face challenges in loan approval rates with a surge in customers with credit-related issues or individuals with no prior credit history.
The company aims to tap this segment, that is joining the financial system for the first time and help better the approval rates for lenders, the statement said.
"CreditMantri aims to disrupt the way customers apply for loans and hopes to ultimately enable wider credit dispensation," said Ranjit Punja, co-founder and chief executive of CreditMantri.
The other co-founders include R Sudarshan and Gowri Mukherjee, who are also ex-Citibank executives like Punja.
