Monsoon CreditTech, a Gurugram, India-based fintech SaaS startup, raised an undisclosed amount in a funding round led by HDFC Capital.
Existing and new investors, including the DMI Alternative Investment Fund - The Sparkle Fund, US-based Top Shelf Equity Partners, and prominent angel investors such as Vellayan Subbiah and Akash Bhanshali of the Enam Group, also participated in the round.
The fund intends to continue leveraging its expertise in building proprietary machine-learning technology.
Monsoon CreditTech launched Thoth-a no-code analytics platform that would enable users to build machine learning (ML) models in just 4 to 6 hours and analyze their (model) performance on real-world data.
Ashwini Pillutla, CFA, Founder, and CEO of Monsoon CreditTech, stated, "We will continue to leverage our deep expertise in building proprietary machine learning technology to take our company forward. Our goal is to revolutionize lending using machine learning and artificial intelligence. We are driven to help create a world where every credit-worthy borrower gets access to adequate credit in a manner such that economic value is maximised for lenders, borrowers and society."
Lenders use Monsoon CreditTech machine learning-powered predictive models for various credit and risk use cases, such as loan underwriting, risk assessment, cross-selling, customer attrition management, collections optimization, and risk-based pricing.
Company: Monsoon CreditTech Pvt Ltd.
Funding Month: November 2022
Lead Investors: HDFC Capital
Additional Investors: DMI Alternative Investment Fund - The Sparkle Fund, Shelf Equity Partners, Vellayan Subbiah and Akash Bhanshali
Company Website: https://monsoonfintech.com/
Software Category: AI-powered Loan-Underwriting platform
About the Company: Founded in 2016, Monsoon CreditTech is an artificial intelligence-powered loan-underwriting platform deployed as a service (SaaS). Monsoon CreditTech caters to large financial services companies, including banks, NBFCs (non-banking financial companies), HFCs (housing finance companies), and fintech firms. Over 25 lenders, including many of India's largest private sector banks, use Monsoon CreditTech's models and platforms for a wide range of loan and deposit portfolios. Monsoon CreditTech is on a mission to revolutionize lending by eliminating inefficiencies in lending decisions by leveraging the amazing power of machine learning in specific and artificial intelligence in general.