Credit Wise Capital (CWC), a technology-enabled consumer finance firm, on Tuesday said it has raised $6 million (about Rs 44 crore) in seed funding from marquee angel investors.
The participants included M J Shah Group Chairman Mayank Shah, serial investor Ajay Goel, Anuj Golecha (founder of Venture Catalysts), Gaurav Gandhi (director at EssGee group), Anup Agarwal (director of Shanti Group) and Gaurav Singhvi, a statement said.
The company intends to use these funds to grow its dealer network, increase geographical expansion, improve collection technology and underwriting models, it added.
Credit Wise Capital, founded by Hirak Joshi and Aalesh Avlani, aims to disrupt the two-wheeler lending ecosystem. CWC is currently present in Mumbai and Pune and has an active dealer network of over 100 and has disbursed 12,000 two-wheelers in a span of 16 months.
The company has onboarded debt partners like AU Small Finance Bank, Hinduja Leyland Finance and Vivriti Capital.
“Many lenders progressed fast thinking that tech would handle risk on its own. They forgot that technology is as good as the hands that are put into use.
Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one,” Hirak Joshi, Co-Founder of Credit Wise Capital, said.