AI credit underwriting company AbleCredit has successfully raised $1.25 million (approximately Rs 10 crore) in its seed funding round, led by Merak Ventures. Venture Catalysts and Helios Holdings, represented by Suraj Nalin, also participated.
This marks the fourth investment for Merak Ventures in 2024, demonstrating their continued commitment to fostering innovative startups.
The newly acquired funds will be directed towards scaling AbleCredit’s AI operations and driving business growth and expansion. The company aims to enhance its generative AI models, which incorporate advanced voice, vision, and language capabilities. These models function as AI assistants to credit teams, generating case-specific credit reports in compliance with established credit policies and guidelines.
Founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit’s technology is particularly beneficial in the informal sector, which comprises a significant portion of new-to-credit customers and is typically data-scarce. The company claims its AI-driven underwriting process has increased speed by over 20 times and reduced costs by improving the throughput of credit processes by 12 times.
Merak Ventures, an early-stage venture capital firm, launched a $100 million fund in November 2022. The firm plans to invest in up to 20 startups over the next three to four years, with AbleCredit being a prime example of its investment strategy focused on cutting-edge technology and innovation.
