Total amount raised
$4 Million
Latest funding date
3/1/2022
Location
Credilio has successfully raised funding through a Seed round, with notable investors including Exfinity Venture Partners and Cornerstone Ventures. The platform offers a range of financial products such as credit cards, loans, and APIs for businesses.
Keep reading to explore the intricacies of Credilio's fundraising journey and the investors backing this innovative platform.
What Is Credilio?
Credilio is a digital financial platform based in Mumbai, Maharashtra, India. The company operates in the Financial Services, FinTech, Personal Finance, and Advice industries. It offers a variety of products, including loans, credit cards, and advisory services, and has a workforce of 101-250 employees.
Founded as a private entity, Credilio has successfully raised funding through a Seed round. The platform connects banks, financial advisors, and consumers, providing innovative solutions like the SBM Credilio Credit Card and the novio app, which helps users optimize their credit card spends.
How Much Funding Has Credilio Raised?
- Seed Round
- Amount Raised: USD 4,000,000
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology capabilities, strengthen lending product penetration, and expand presence in tier II-III cities.
Total Amount Raised: USD 4,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Exfinity Venture Partners
- Details: Exfinity Venture Partners is a venture capital firm that focuses on early-stage technology companies. They participated in Credilio's pre-Series A funding round.
- Investment Focus Areas: Enterprise technology, artificial intelligence, machine learning.
- Notable Investments: Not publicly disclosed.
- Cornerstone Venture Partners Fund (CSVP Fund)
- Details: CSVP Fund is a venture capital fund that invests in early-stage technology companies. They were a key investor in Credilio's pre-Series A funding round.
- Investment Focus Areas: Early-stage technology companies, enterprise & SMB SaaS for India.
- Notable Investments: Not publicly disclosed.
- Mukul Agarwal (Param Capital)
- Details: Mukul Agarwal is the founder of Param Capital and invested in Credilio in his personal capacity. He is known for his investments in various sectors, including technology and finance.
- Investment Focus Areas: Technology, finance.
- Notable Investments: Not publicly disclosed.
What's Next for Credilio?
Credilio is poised to capitalize on significant opportunities in the fintech sector. With plans to expand its customer base to 25 million and achieve an annual recurring revenue of Rs 100 crore by March 2023, the company is focusing on enhancing its technology capabilities and leveraging evolving API stacks of banks and NBFCs. The expansion into tier II and III cities and the introduction of platform access in seven regional languages further highlight the vast potential for growth.
Given these ambitious targets, future fundraising rounds seem likely to support the scaling of operations and technology enhancements. The company’s previous successful exit with TranServ suggests that strategic acquisitions could also be on the horizon, either as an acquirer or an acquisition target.
However, Credilio may face challenges such as competition from other fintech startups, ensuring seamless technology integration, and managing rapid expansion while maintaining service quality. Navigating regulatory changes in the financial sector will also be crucial for sustained growth.
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