vikas agarwal credit fair: Fintech startup Credit Fair appoints Vikas Agarwal as co-founder and CBO

Credit Fair, a consumer lending fintech startup, has appointed Vikas Agarwal as its co-founder and chief business officer (CBO).

In this new role, Agarwal will lead co-lending partnerships, the provision of debt capital and private investor and IFA relations. In addition, he will also lead strategic alliances (fintech) and trade relationship development to accelerate the business growth of the fintech startup.

He will work closely with Aditya Damani, Founder and CEO of Credit Fair.

Prior to joining Credit Fair, Agarwal established an SME-focused non-banking finance company SSA Finserv in 2019 and served as Managing Director and CEO. He also founded Shree Krishna Corporate Advisors LLP in 2010 where he advised over 300 SMEs on raising debt worth over Rs 500 crore.

A Chartered Accountant from ICAI, Agarwal started his career in 2009 with Ernst & Young (EY), India.

“Vikas [Agarwal] joins us in an exciting phase of our journey as we witness a tremendous increase in the demand for credit at the business and consumer level. With a proven combination of strategic thinking and strong execution capabilities, he will help Credit Fair continue to deliver value to its customers and all key stakeholders. He will be responsible for driving the company’s operational excellence, Damani said.

Commenting on his appointment, Agarwal said, “I am delighted to join Credit Fair and look forward to playing my role in effectively scaling up our credit delivery ecosystem across the country. I believe the company is making a significant difference in the lives of individuals and small businesses by providing fair and accessible credit. I look forward to working with the team to introduce new age innovations in financing and capture new opportunities such as green financing.”What were Credit Fair’s previous collections?

In August 2022, Credit Fair raised $10 million in a mix of debt and equity financing, led by LC Nueva Alternative Investment Fund.

Venture capital fund Capital A, as well as family offices and angel investors, including Sattva Family Office, Nitesh Damani of Khel Group, and Nikhil Chandra Gupta also participated in the round. InCred Finance, Vivriti Capital and Caspian Impact provided debt capital.

The startup had said it would use the funds to expand its technology and launch new products in wealth technology. It plans to enable retail investors to access secured rate options previously only available to high net worth individuals (HNIs)

Earlier, the embedded credit financing startup had raised $15 million (roughly Rs 111.7 crore) in a seed funding round in July 2021 led by angel investors Anand Ladsariya and Alok Agarwal of Striver Capital Advisors.

What does Credit Fair do?

Credit Fair was founded in 2018 and offers lending solutions to both companies and private individuals. The ticket size ranges from Rs 10,000 to Rs 20 lakh with a tenure of three months to three years. It is the financial partner of more than 1,000 merchants, including brands such as upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves among others.

Credit Fair wants to reach 5,000 active merchant partners and increase its annual disbursement rate to $360 million.

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