Olly Credit, a Delhi-based fintech startup that offers micro credit cards, has raised an undisclosed amount of seed funding.
The funding round was led by Incubate Fund, a seed-stage focused VC fund has presence in Japan, Singapore and India.
Former Kotak Mahindra Asset Management CEO Sandesh Kirkire; Anand Kumar, partner at Sand Hill Counsel and Jaipur Rugs director Yogesh Chaudhary also participated in the round.
Founded in 2015 by Ashwin Bhambri, Olly offers a mobile-first micro-credit card with a limit of Rs 20,000 for millennials. It provides a physical card to use in every store and ATM, enabling real-time card transactions and balance updates through its app.
Olly says its target audience are “mobile friendly millennials who are starting their first credit experience and aspirers who banks don’t cater to but need a credit-card for just-in-time expenses on, month-end essentials like groceries, bill payments etc.”
Bhambri was previously a founder in residence at Startup Chile, a seed accelerator created by the Chilean Government. Prior to that, he worked with firms such as National Bank Financial Canada, iYogi Inc and Reliance Jio Infocomm.
Incubate Fund. In 2016, the VC fund had set up an India-focussed fund. The fund was raised from Limited Partners including Innovation Network Corporation of Japan, Yahoo Japan, Sumitomo Mitsui Bank, Development Bank of Japan, Tencent Holdings, Sega Sammy Holdings, Mistletoe, TBS Holdings, and Mixi.
It has so far, made six investments in India. The fund currently focusses on multiple sectors including media, entertainment, gaming, online commerce, logistics, medical, financial, real estate, and housing. The ticket size of funding raises between $200K and $500K.
Founded in 2016. Incubate launched a $91m fund for backing early-stage startups in India, North America and Asia. It recently launched a $5m vehicle set up specifically for India investment, which landed commitments from Innovation Network Corporation of Japan, Yahoo Japan, Sumitomo Mitsui Bank, Development Bank of Japan, Tencent Holdings, Sega Sammy Holdings, Mistletoe and TBS Holdings.
It focusses on multiple sectors including media, entertainment, gaming, online commerce, logistics, medical, financial, real estate, and housing, with tickets sizes ranging between $200,000 and $500,000.
FinTech investments in India are growing rapidly as investor’s appetite for the region increases according to data by Fintech Global.
The first three quarters of 2017 saw Indian FinTech companies receive $6.6bn worth of funding. The number of deals to Indian FinTech companies also peaked at 43 deals in Q2 2017 before falling back to 26 deals in the third quarter of this year.
The research also shows that more than 50 per cent of deals to Indian FinTech companies went to the Payments & Remittances and Marketplace Lending sectors.
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