Tuesday, 28 May 2024, Bengaluru, India
Here we are talking about AI credit startup Ablecredit, which raised $1.25 million in a seed funding round led by Merak Ventures:
Ablecredit is an AI credit underwriting startup that has raised $1.25 million in a seed funding round led by an early-stage VC startup, Merak Ventures. The seed funding round had participation from Venture Catalysts, Helios Holdings, and a sector-agnostic early-stage venture Capital company, Merak Ventures.
India has a credit gap of Rs 25 trillion, caused by a shortage of qualified underwrites and high underwriting costs. Ablecredit aims to solve this issue using its AI products and solutions. This AI credit underwriting startup seeks to close this credit gap nationwide.
The startup will use this fund to enhance and advance its technology to offer a seamless experience to its users. They are currently working on a Gen AI model with vision, voice, and language capabilities, which will be an AI assistant for the credit team. The startup claims this model can generate comprehensive credit reports on each case bias while following the credit guidelines and policies.
Ablecredit plans to use this fund to scale operations, enhance its AI model, and expand its business. Merak Ventures said the investment was made after seeing the impactful solutions offered by Ablecredit for real-world challenges. Partner at Merak Ventures, Manu Rikhye, highlighted that credit underwriting is an expensive and time-consuming process in loan disbursement. Ablecredit’s innovative solution offers both efficiency and speed in this process, helping companies make faster and more efficient decisions. The company believes in Ablecredit’s market potential and business model.
The startup intends to use this fund to scale up its in-house R&D infrastructure, hire teams for business development, expand to the global market, and enhance its technology. Merak Ventures is a B2B Venture Capital Firm that has previously invested Rs 10 Crore Seed fund in a supply-chain startup, Atomgrid. The startup focuses on filling the credit gap and aims to make a global presence.
Conclusion
Ablecredit is an AI credit underwriting startup offering AI products and solutions for credit underwriting. The startup got seed funding of $1.5 million from Merak Ventures. The seed funding round had participation from Venture Catalysts, Helios Holdings, and a sector-agnostic early-stage venture Capital company, Merak Ventures. This AI credit underwriting startup aims to close this credit gap nationwide. The startup will use this fund to enhance and advance its technology to offer a seamless experience to its users.
Ablecredit’s innovative solution provides both efficiency and speed in this process, helping companies make faster and more efficient decisions. The company believes in Ablecredit’s market potential and business model. The startup intends to use this fund to scale up its in-house R&D infrastructure, expand to the global market, and enhance its technology. They are currently working on a Gen AI model with vision, voice, and language capabilities, which will be an AI assistant for the credit team. The startup claims this model can generate comprehensive credit reports on each case bias while following the credit guidelines and policies.
