AbleCredit, an AI credit underwriting company, has secured $1.25 million in seed funding led by Merak Ventures, a sector-agnostic early-stage venture capital firm. Venture Catalysts and Helios Holdings (Suraj Nalin) also participated in the round.
AbleCredit aims to address India’s significant credit gap of INR 25 trillion by leveraging cutting-edge AI products and solutions. The startup develops generative AI models with voice, vision, and language capabilities, serving as AI Assistants to Credit Teams. These models generate comprehensive credit reports in adherence to Credit Policy and guidelines, catering to the informal sector, which includes many new-to-credit customers and is data-scarce.
The investment from Merak Ventures will enable AbleCredit to scale its AI operations and drive business growth and expansion. Manu Rikhye, Partner at Merak Ventures, emphasized the transformative potential of AI in credit underwriting, stating that AbleCredit’s innovative tools promise unprecedented speed and efficiency in underwriting.
AbleCredit’s co-founding team includes Utkarsh Apoorva (CEO), Harshad Saykhedkar (Chief AI Officer), Ashwini Prabhu (CPO), and Anubhab Bandyopadhyay (CTO). Apoorva highlighted the startup’s mission to bridge economic disparities and enhance financial well-being through innovative AI solutions.
Currently focusing on both secured and unsecured segments, AbleCredit aims to provide small businesses with loans in under a minute and process one million loan applications over the next 12 months.
