Bangalore-based consumer lending startup EzCred has raised more than $ 1 million from a clutch of angel investors in its seed round. Rajesh Yohannan, former head of Citibank, and Akash Garg, the director of engineering, Uber have led the round.
The other investors who participated in the round include Sanjay Nambiar, head of Asia-Pacific for strategy, cards and personal loans at Citibank; Christian Oestlien, director of product management at YouTube; Ratikant Sahu, head of digital delivery at ANZ; and Neill Occhiogrosso, the partner at US-based Costanoa Ventures.
Mr. Maheswari explains, “Most of the investment will go towards technology development. We are building a technology platform to enable paperless origination of loans. Further, we are also developing new age credit and fraud models using alternate data sources,” Maheshwari said.
EzCred has a unique business model that provide loan facilities to the consumer who purchases at offline retailers and unlike the traditional firm, uses Aadhar to process and disburse the amount.
Investor Dheeraj Pandey said, “I am excited to be part of EzCred’s journey to enable credit for the masses. I see a strong team with a unique combination of both financial pedigree and technical capability and a laser-sharp focus to fundamentally transform how consumers access to credit in India.”
The company has partnered with Noida based company YMS Mobitech, who will help to reach more than 10,000 offline retailers across 300 cities. Soon, the product will be live and EzCred aims to tap small business owners, lower income groups, and students.
Earlier this week, PaySense raised $5.3 million in Series A round from Jungle Ventures, Naspers and existing investor Nexus Venture Partners.