Mumbai-based tech-enabled consumer finance NBFC Credit Wise Capital (CWC) on Tuesday announced that it has raised $6 million in a seed funding round.
The financing saw participation from angel investors like Ajay Goel, Stanford Business School alum and serial investor; Anuj Golecha, founder of Venture Catalysts; Gaurav Gandhi, director at EssGee group; Anup Agarwal, director of Shanti Group; and Gaurav Singhvi among others.
The company intends to use these funds to grow its dealer network, increase geographical expansion, improve collection technology and underwriting models, it said in a statement.
Founded by Hirak Joshi and Aalesh Avlani, CWC aims to disrupt the two-wheeler lending ecosystem by deploying the blend of traditional lending with new-age fintech data science. The company is currently present in Mumbai and Pune and has an active dealer network of over 100. It claims to have disbursed 12,000 two-wheelers in a span of 16 months with an average ticket size of 65,000.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India from October 4-6, 2020.
