InfoCredit Services Pvt. Ltd, which operates credit scoring platform CreditVidya, has appointed former Equifax executive Vipul Jain as its national sales head.
Jain will be responsible for introducing alternative data-based products across various segments such as lending, insurance, e-commerce and e-wallets, the Mumbai-based company said in a statement. He will report to Rajiv Raj, co-founder and director of CreditVidya.
Prior to his appointment at CreditVidya, Jain served as AVP–business development at Equifax India. He has also worked with Credit Information Bureau (India) Limited, where he managed the bureau’s business in North India.
CrediVidya was founded in 2013 by Raj and Abhishek Aggarwal, who both have previously worked with Experian Credit Information Company India Pvt Ltd. Raj has also worked with Credit Information Bureau (India) Ltd and HDFC Bank.
The startup uses non-traditional data sources to assess the credit worthiness of individuals seeking loans and charges lenders for each customer. Lenders benefit from higher approval rates, lower cost of underwriting and more effective product cross-selling.
In June this year, the startup raised $2 million (Rs 13.3 crore) in a Series A round from Kalaari Capital. It counts Fullerton India, Bajaj Finserv, IDFC Bank, Tata Capital and Shriram Housing Finance as its customers.
The company has 35 employees at its Mumbai and Hyderabad offices. It aims to add 35 more employees and assess 1 million consumers by the end of this financial year.
CreditVidya competes with Finomena, a fintech startup that determines a user’s credit worthiness through Big Data analytics. Finomena raised an undisclosed amount in funding led by VC firm Matrix Partners India in March this year.
Fintech startups that have raised funding in the past couple of months include investment platform Goalwise, which raised $1 million from affluent individuals, and online peer-to-peer lending platform i2ifunding, which secured Rs 2 crore from a group of angel investors.
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