[Funding alert] NBFC Credit Wise Capital raises $6M in seed round
Summary
Tech-enabled consumer finance NBFC, Credit Wise Capital (CWC) has raised $6 million in its seed round. Family offices and angel investors including serial investor Ajay Goel, Founder of Venture Catalysts Anuj Golecha, Director of EssGee Group Gaurav Gandhi, Director of Shanti Group Anup Agarwal, and Gaurav Singhvi also participated in the round. According to the company, CWC will be using the freshly raised funds to grow its dealer network, geographically expand, and improve its collection technology and underwriting models. The company has so far disbursed around 12,000 two-wheelers in the last 16 months, with average ticket size of Rs 65,000. Using its proprietary tool and taking more than 35 parameters into consideration, CWC makes a decision on whether to disburse the loan to a particular consumer.