FinTech startup CreditMantri is all set to raise Rs.51 Crore of Pre-Series B funding from their existing investors IDG Ventures India and Accion as per documents filed with the Registrar of Companies.
The Chennai-Based startup was founded in 2012 by Gowri Mukharjee, Pandit Punja & R Sudarshan. CreditMantri is an India focussed Digital Credit facilitator. The Startup helps taking charge of your Credit Health. Get Free Credit Score online. Get Free Credit Health Analysis of your CIBIL, Equifax report etc. They also offer services like Verification, Marketplace listing and Credit Solutions.
In May 2015 the startup rose Series A funding of $2.5 Million from their investors IDG Ventures, Elavar Equity and Accion Venture Labs. The total equity funding of the startup is around $2.66 Million.
CreditMantri is set to allot 305 equity shares for a face value of Rs 10 and a premium of Rs 533 and 9,46,288 compulsorily convertible cumulative participating preference shares (CCCPS) of Rs 10 each at a premium of Rs 533. Of the 305 equity shares being issued by the company, 160 are set to be allotted to Accion Frontier, which will also get 4,97,078 series-B CCCPS. Newid Capital is set to get 20 equity shares.
The company will use it funds for the development of the platform and to increase the authorize shares capitals of the company. Read more Startup funding news.