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Credit Wise Capital (CWC), a consumer finance NBFC, has raised $6 million in a seed-funding round, which saw participation from marquee angel investors. The company intends to use these funds to grow its dealer network, increase geographical expansion, improve collection technology and underwriting models.
The round witnessed investments from Ajay Goel, Stanford Business School alum and serial investor, Anuj Golecha, founder of Venture Catalysts, Gaurav Gandhi, director at EssGee group, Anup Agarwal, director of Shanti Group and Gaurav Singhvi among others.
Credit Wise Capital, which disburses two-wheeler loans, is currently present in Mumbai and Pune.
The Indian two-wheeler industry is expected to grow at 8 per cent CAGR over the next 5 years, while the finance penetration is at a mere 48 per cent. With rising two-wheeler costs, and reducing purchasing power capabilities due to Covid-19, the need for finance is set to increase.
The average Indian’s dependency on a two-wheeler is expected to accelerate even further with the reluctance to travel in public transportation due to the current pandemic.
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