A US-based private equity firm Matrix partners have invested a total of Rs 32 crore in data technology platform CreditVidya. The series-B round of funding also saw investors like Kalaari Capital, which had previously invested in the firm in June 2016.
Until now, CreditVidya worked in unsecured products
“Most of the work we have done so far is in unsecured products such as two-wheeler loans, personal loans, and consumer durable loans,” said Abhishek Agarwal, co-founder, CreditVidya.
The Mumbai based company works with over 20 lending institutions including Bajaj Finance, Capital First, Fullerton India, Tata Capital, Aditya Birla Finance, IndusInd Bank among others, to apply big data analysis for credit guaranteeing to empower evaluation of hazard for first-time borrowers all the more precisely.
CreditVidya was launched in 2013. The firm helps lenders with information on credit scores for first-time borrowers. The firm uses data from a host of resources including pending payments or categories of purchases, social networks, and mobile recharge or online retail spends to arrive at credit scores.
Usage of funds by CreditVidya
CreditVidya will use the funds to add a wide range of fraud and verification services to its existing big data underwriting platform. “A lot of our work caters towards identity and fraud solutions as also a credit-risk assessment of customers. To do this we are investing in technology, artificial intelligence, and also planning to develop more products” Agarwal told ET.
To empower better execution of the AI-based calculations, the organization is hoping to scale up its worker base from 74 to 100 throughout the following 6-9 months.
In the course of recent years, CreditVidya cases to have endorsed more than 5 million clients and process more than 200 gigabytes of unstructured information every day, from a couple of hundred megabytes that it used to process in 2013.