Financial services company CreditMantri gets Rs 16 crore

BENGALURU: Chennai-based financial services company CreditMantri has raised $2.5 million (.`15.9 crore) from IDG Ventures India, Elevar Equity and Accion Venture Lab, the first round of institutional funding into the 18-monthold company.

“We will use the money to grow the team, advertising and improve back-end technology,” said Ranjit Punja, cofounder and chief executive. CreditMantri plans to grow its employee strength to 45 from 23, mainly for its technology team.

The online platform — cofounded by three former Citibank executives R Sudarshan, Gowri Mukherjee and Punja — helps people become eligible for loans and then matches them with the right lenders. It profiles customers and gives them a credit score to assess their credit worthiness.