Credilio raises $4 million in pre-series A funding roundThe fresh round of funds will be deployed towards strengthening Credilio's lending product penetration by enhancing technology capabilities
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Financial services provider Credilio has announced that it has raised $4 million (Rs 30 Crores) in a pre-series-A funding round. Investors include Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners and Mukul Agarwal, founder, Param Capital, in his personal capacity.
Credilio plans to meet an annual recurring revenue (ARR) of Rs. 100 crores by March 2023 and a target to serve about 25 million customers by 2025. The fresh round of funds will be deployed towards strengthening Credilio's lending product penetration by enhancing technology capabilities and harnessing the potential of evolving API stacks of Banks / NBFCs. The capital will also be directed to kick start the implementation of sophisticated analytical tools and credit bureau information to accurately find the best-suited product portfolio that meets the consumers' requirements.
The start-up, which is headquartered in Mumbai, also plans to scale its presence with a stronger focus on tier 2-3 cities and introducing platform access in 7 regional languages. It was founded by Aditya Gupta, Sandeep Ghule and Anand Kapadia in 2020 and has gained over 10,000 active Financial Advisors pan-India and 5+ lakh customer applications processed digitally for 20+ leading Banks & NBFCs.
Speaking on the occasion, Aditya Gupta, Co-Founder and CEO, Credilio, said, "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 on-board 1 million Financial Advisors for loans and cards over the next 24 months."
One of the key investors, Param Capital's 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."
