The largest public sector lender in India, State Bank of India, has provided debt financing of Rs 15 crore to Credit Fair, a consumer lending startup.
The money will enable Credit Fair to concentrate on its growth plan, which includes promoting product innovations and improving consumer happiness on digital payment platforms.
The NBFC offers small-ticket loans in four important industries, including green energy, home remodelling, healthcare, and education, using a sophisticated FinTech lending platform for rural India. It plans to develop in tier II and tier III cities in order to increase its AUM and increase disbursements to $100 million in the upcoming year.
Aditya Damani, Founder, and CEO, Credit Fair, said, “We have delivered the right amount of credit at the right time with our technology. With SBI’s backing, we can also provide credit at the right cost.”
”This funding is a testimony to the growth potential of the Credit Fair. It also underscores the company’s profitability and ability to innovate newer solutions for business expansion. The investment fits perfectly with our expansion plans and future strategies,” Damani added.
