Angel investor in Oyo, Ola joins Indian lending startup’s $15m seed round

Credit Fair, an India-based fintech startup, has raised US$15 million in a seed round led by angel investors Anand Ladsariya and Alok Agarwal.

Ladsariya has made investments in firms such as Oyo, Ola, Myntra, Wow Momo, and Uniphore. Agarwal has backed startups like 1mg and HealthKart.

Credit Fair founder Aditya Damani / Photo credit: Credit Fair

Credit Fair said the seed funding included a mix of debt and equity.

The company plans to use the fresh funds to strengthen its technology team and further expand its footprint in Tier 2 and Tier 3 cities. Currently, Credit Fair operates in 80 cities across 20 states in India.

Founded in 2018, Credit Fair focuses on making lending easier for customers, especially those with weak credit scores. Its offerings include quick loan approvals and zero-percent easy monthly installments.

The company also caters to businesses. Credit Fair typically hands out loans of 10,000 rupees (US$134) to 2 million rupees (US$26,856) to customers for a tenure of three months to three years.

Credit Fair said it has brought more than 1,000 merchants, including brands such as upGrad, Asian Paints, and Hero Electric, on board.

Currency converted from Indian rupees to US dollar: US$1 = 74.5 rupees.