21 March, 2016, Hyderabad: In its recent round of funding, a credit lifecycle management platform, CreditSeva has managed to acquire Rs 2.4 crore investment from Pix Vine Capital and Infocomm Investments Pte Ltd (IIPL).
The company ventured into the market in 2014 and has been rendering its services to manage the credit score of unbanked people of the country. “Most of our competitors charge users for service as a consultant. We would be looking at banks and financial institutions for our revenues,” said Satya Vishnubhotla, co-founder of CreditSeva, which works with credit rating bureaus for score generation and is in talks to partner banks and financial product portals, reports ET.
Commenting on the investment, Alex Lin, head of IIPL, said, “In India we are looking for startups in smart energy, financial technology, web and mobile as well as education technology. We are interested in investing in a startup which is global and wants to go out.”
“The focus of investments in financial technology will be concentrated on startups which look beyond payments and reconciliation. Fintech consists of two types of companies – one, which deal with transactions between parties; and the other where the company transacts with a person over time, enhancing the value, such as securities and trading. We are focused on latter,” Lin adds further.