Mumbai-based InfoCredit Services Pvt. Ltd, which operates credit scoring platform CreditVidya, has raised $5 million (Rs 32 crore) in a fresh round of funding led by Matrix Partners, the company said.
Existing investor Kalaari Capital, which had invested $2 million in June 2016, has also participated in the round. While Matrix put in Rs 23.81 crore, Kalaari accounted for the rest.
The company will use the money to add a wide range of anti-fraud and verification services to its existing big data underwriting platform, besides improving its AI-based credit underwriting algorithms that use over 10,000 data points for risk assessment, the company said in a press note.
As a part of this transaction, InfoCredit issued 5,951 Series B compulsorily convertible cumulative preference shares and 100 equity shares to the investors, show documents with Ministry of Corporate Affairs.
Source: VC Circle