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CredResolve raises $1.1 Mn in Seed round

EntrackrEntrackr · 5m ago
CredResolve raises $1.1 Mn in Seed round
Medial

Collections platform CredResolve has raised $1.1 million in a seed funding round led by UNLEASH Capital Partners, with participation from CDM Capital. The Gurugram-based company had previously raised $33.6K in an angel round from PedalStart, Tujala Goud, and others in February 2024. The proceeds will be used to expand its partnerships to over 25 financial institutions, enhance its AI-driven technology stack, and strengthen its presence across multiple cities, CredResolve said in a press release. Co-founded in August 2023 by Balaji Koustubha, G Prashant Kumar, and Vijay Kumar, CredResolve is an AI-powered collections platform dedicated to optimizing the debt resolution process in India. The platform integrates technology with regulatory compliance to help financial institutions improve recovery rates, reduce operational inefficiencies, and enhance borrower experiences. According to CredResolve, it aims to redefine debt recovery by integrating artificial intelligence with borrower engagement strategies. The company leverages AI to automate recovery workflows, improve borrower communication, and ensure strict compliance with Reserve Bank of India (RBI) regulations. This tech-driven approach enhances recovery rates while reducing operational inefficiencies, addressing a pressing challenge in India’s financial sector. CredResolve claims to serve over 20 lenders across banks, fintech firms, Non-Banking Financial Companies (NBFCs), and Asset Reconstruction Companies (ARCs). Currently, the startup generates an annual recurring revenue (ARR) of approximately $1 million and intends to triple its revenue in the next year. It competes with other startups in this space, such as CredGenics, DPDZero, Spocto, Skit.AI, among others. UNLEASH Capital Partners is a Japanese venture capital firm focused on early-stage fintech and financial services in India, with a strong emphasis on driving financial inclusion.

Exclusive: Fintech startup Zype secures debt

EntrackrEntrackr · 1m ago
Exclusive: Fintech startup Zype secures debt
Medial

**Title:** Exclusive: Fintech startup Zype secures debt Fintech platform Zype secured Rs 34 crore ($4 million) in debt funding from existing investors Xponentia Capital through Xponentia Opportunities Fund II. The Zype’s board has allotted 34,000 non-convertible debentures having face value of Rs 10,000 apiece to Xponentia Capital to raise the above mentioned amount, according to its filing with Registrar of Companies (RoC). The proceeds of this debt funding will be used to augment the long-term working capital needs of the company, the filing added. Founded in 2022 by Yogi Sadana, Zype is a fintech platform that provides instant personal loans of up to Rs 2 lakh with flexible repayment options. In addition to lending, it offers a credit analyzer to help users monitor their spending and a bill payment feature that rewards users with cashback. The company claims to have disbursed over 4.5 lakh loans and recorded more than 4.5 million app downloads across iOS and Android platforms. The fintech platform last raised funds in December 2022, securing Rs 146 crore (approximately $17.7 million) from its existing investor, Xponentia Capital. The Mumbai-based company reported Rs 20.3 crore in operating revenue for the fiscal year ending March 2024, while posting a loss of Rs 7.3 crore during the same period. Zype competes with several established personal loan platforms, including KreditBee, which reported a profit of Rs 200 crore in FY24 through its NBFC arm KrazyBee; CASHe, which posted Rs 651 crore in revenue; and Kissht, which recorded Rs 1,674 crore in operating revenue along with a profit of Rs 197 crore in FY24.

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