CreditMantri, which helps those seeking loans connect with lenders through its online platform, has raised ₹51.4 crore ($7.6 million) in a Series B round led by Accion Frontier Inclusion Fund, managed by Quona Capital, along with Newid Capital. Existing investors Elevar Equity, IDG Ventures and Accion Venture Lab participated in this round.
It will use the money to grow its user base, strengthen its product and build the team.
Apart from using the funds to increase the team size to 130 from 75 now, over the next 18 months, CreditMantri will also use it to improve its capability to analyse data and jump its customer base to around six million by October 2018, from around 1.4 million now. In June 2015, the venture had raised about ₹15 crore ($2.5 million) in a Series A round from IDG Ventures India, Elevar Equity and Accion Venture Labs. The two new investors – Accion Frontier Inclusion Fund and Newid Capital – are focussed on early ventures in financial services, financial inclusion and fintech space.