Kudos Raises Capital In Pre-Series A Round
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Digital lending infrastructure company Kudos, on Tuesday, announced to have raised an undisclosed amount of Pre-Series A funding from top tier fintech founders and super angels to bring the best minds in the country to help them build out their full vision of enabling digital lending so it reaches millions of Indians across segments and geographies.
The group of investors includes Nithin Kamath of Zerodha, Nitin Gupta of UNI, Patanjali Somayaji of Walnut, Sumit Maniyar of Rupeek, Nischal Shetty of WazirX, Anish Achuthan of Open Banking, Ganesh Rao of NOCP, Amit Choudhary of DawaaDost, the entire leadership team of One Card and Vaibhav Domkundwar of Better Capital who has been a strategic advisor to the company.
Kudos has built the industry’s best-in-class digital lending infrastructure that includes everything from the capital, regulatory compliance, digital KYC, disbursements, collections, reconciliation, and all other aspects that are required for frictionless digital lending. Modern fintechs as well as mature businesses looking to add digital lending use Kudos to bring seamless lending to their users within days. Kudos enables 100s of use cases and empowers its partners to create personalized lending solutions for their users with ease by using the Kudos lending APIs.
“We are excited to see the tremendous trust and belief in our vision from some of the best fintech founders and angel investors who are investing in this round. We are profitable and growing month on month and adding partners across agri, fintech, edtech, revenue-based financing, and other segments faster than ever and now preparing to raise a Series A to scale and become the largest company in the space over the next 18 months,” said Pavitra Walvekar, co-founder and chief executive officer, Kudos.
The Indian fintech revolution is still in its early stage and as Jio-powered digitization is touching users and businesses across industries and geographies, the opportunity to address the large need for credit is more real than ever before. Digital lending enabled inside the apps and services that millions of digitized users and businesses are using every day is solving for the credit need faster than ever before. Kudos is the secret sauce powering this wave and is building the most comprehensive infrastructure and APIs to enable any digital application to offer personalized lending to their users, the company shared.
“We are big fans of infrastructure and API companies at Better and Kudos is staring at one of the most interesting opportunities in Indian fintech. Their traction and month-on-month growth - without having raised institutional capital - is a testament to their PMF and of the massive opportunity to power digital lending in India. I’m excited to be a part of this journey from ground zero and partner with Pavitra, Naresh, and the team as they build the Stipe of Lending for India,” added Vaibhav Domkundwar, founder and chief executive officer, Better Capital.
Kudos has so far facilitated 2 million loans, disbursing INR 2000 crore to about 6,00,000 customers across 2,100 cities and by processing one loan every 4.5 seconds, and has booked, processed, and enabled 20,000 loans a day at its peak.