Credit Wise Capital Raises $6 Million From Family Offices, Angels

Credit Wise Capital, a consumer finance NBFC raised $6 million in its seed funding round. “Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one,” said Hirak Joshi, co-founder of CWC. Currently, present in Mumbai and Pune, CWC has an active dealer network with over 100 dealers and has disbursed 12,000 two-wheelers in a span of 16 months with an average ticket size of 65,000. “We were impressed with the systems and processes that CWC have built. The razor-sharp focus on cost reduction to achieve scalability in this business was one of the primary reasons for our investment in Credit Wise Capital,” said Mayank Shah, Chairman of M.J. Shah Group and the lead investor of CWC. The Indian two-wheeler industry is expected to grow at 8% CAGR over the next 5 years. CWC’s focus is on collection by deploying the right mix of human capital and tech processes while keeping a major check on the costs. “At CWC, the endeavour is to bring complete transparency and enhanced choices for the customer. Dynamic and risk-adjusted pricing, easy to understand offerings and constant customer engagement are the key aspects of this strategy followed at CWC,” added Joshi.