AI credit underwriting startup AbleCredit raised Rs 10 Cr Seed funding from Merak Ventures
In its seed round, led by Merak Ventures, AI credit underwriting startup AbleCredit has raised $1.25 million, or roughly Rs 10 crore. Helios Holdings (Suraj Nalin) and Venture Catalysts also participated in the round.
Merak Ventures has made four investments so far this year.
According to a press release from AbleCredit, the money will be used to grow and expand the company’s operations in the AI sector.
The startup, which was founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, is creating generative AI models with voice, vision, and language capabilities. These models assist the credit team as an AI assistant and can produce credit reports on an as-needed basis while abiding by the rules and policies of the Credit Policy.
The informal sector, which accounts for the majority of newly approved credit applicants, is a highly data-poor environment in which AbleCredit’s model can be applied. AbleCredit asserts that by boosting the throughput of credit processes by 12x, their model has effectively reduced underwriting costs and increased underwriting speed by over 20x.
With intentions to invest in up to 20 startups over the following three to four years, early-stage venture capital firm Merak Ventures launched a $100 million fund in November 2022.
