Bangalore-based online consumer lending platform EzCred has secured US$1 million in seed funding from a slew of of investors, including Nutanix CEO Dheeraj Pandey, former Citibank MD Rajesh Yohannan, and Akash Garg, Director of Engineering at Uber.
Sanjay Nambiar, Head of Asia-Pacific (Strategy, Cards and Personal Loans) at Citibank; Christian Oestlien, Director (Product Management) at YouTube; Ratikant Sahu, Head of Digital Delivery at ANZ; and Neill Occhiogrosso, Partner at Costanoa Ventures, have also joined the round.
The startup will primarily use the funds to ramp up its technology infrastructure and expand team.
EzCred was founded by Sachin Maheshwari, former India MD of Zephyr Peacock, and ZipDial Co-founder Amiya Pathak. Launched in February this year, EzCred offers consumers loans for purchases at offline retailers. Unlike traditional consumer finance companies, EzCred uses Aadhar, eKYC and biometric-enabled authentication to process and disburse loans, avoiding paperwork.
EzCred started operations with financing consumer durables, and currently focuses on mobile phone purchases. It has partnered with Noida-based tech distribution company YMS Mobitech to showcase its financing options at offline retail outlets.
In the current financial year, the company plans to foray into more consumer durable categories and diversify into travel and healthcare. It is also looking to build a credit and fraud model, moving forward.
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