AbleCredit raises $1.25 million in funding round led by Merak Ventures
AbleCredit, a credit underwriting company, has raised $1.25 million in the seed round led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings.
The investment from Merak Ventures will enable the startup to scale its operations, along with business growth and expansion, it said.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisit“Emerging economies are facing a significant credit gap in the MSME sector, leading to unemployment and economic barriers. At AbleCredit, our AI system leverages voice, vision, and language capabilities to extend credit analysis into traditionally overlooked sectors. This approach enables us to serve a wide range of industries by analysing alternative data sources to produce comprehensive credit assessments," said Utkarsh Apoorva, cofounder and CEO of AbleCredit.
There is a credit gap of Rs 25 trillion in India alone, which is mostly caused by a shortage of qualified underwriters and an overall high underwriting cost. Using AI products and solutions, AbleCredit aims to close the credit gap in emerging nations.
The company was founded by Utkarsh Apoorva, who cofounded ventures like Reshamandi, Guitarstreet Edulabs, Harshad Saykhedkar, who is its chief AI officer with over 13 years of expertise, Ashwini Prabhu who serves as the CPO, and Anubhab Bandyopadhyay
