Credilio raises USD 4 Million in Pre-Series A funding round

By Leandra Monteiro

Credilio, founded with the idea of digitising the distribution value chain of personal finance products, announced that it has raised USD 4 million in a pre-series A funding round with a clutch of investors that include Cornerstone Venture Partners Fund (CSVP Fund), Exfinity Venture Partners and Param Capital founder Mukul Agarwal in his personal capacity. The capital raised will power Credilio’s ambitious plans to meet an ARR of 100Cr by March 2023 and serve 25 million customers in the next 3 years.

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 kickstart 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 also plans to scale its presence with a stronger focus on tier 2-3 cities and introducing platform access in 7 regional languages. The start-up has been committed to also upskill financial advisors to make them digitally equipped to serve their customers in a sharper environment and transform their experience of investing in personal finance products.

Speaking on the fundraise, 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 manually. The traditional personal finance (Credit cards & Loans) 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.”

Adding on, Nihar Ranjan from 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.”

On the funding, Vatsal Bavishi, Investment Director, 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.”