Kunal Shah’s CRED to acquire SaaS platform, CreditVidya

Kunal Shah-led CRED is all set to acquire SaaS platform, CreditVidya. According to the company, CreditVidya has agreed to CRED’s terms and conditions of the acquisition and the deal will be a mix of cash and stock. “Closure of the acquisition is subject to requisite approvals,” a statement by the company read.
 
Commenting on this deal, CRED’s founder, Kunal Shah said, “Expanding access to credit is a key driver for financial progress. CreditVidya's patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem.”
 
As part of the acquisition deal, CRED and CreditVidya will continue to operate as independent entities. Additionally, the start-up’s workforce of more than 200 team members will get all the benefits extended to CRED team members, including its ESOP program.
 
CreditVidya’s team is excited to join the CRED team, said the company’s co-founder and CEO, Abhishek Agarwal. He further added, “We’ve invested in building category-defining products that bring financial services to credit under-served Indians through our partners, transforming how risk is assessed and trust measured to drive financial inclusion.”
 
CreditVidya was founded in 2013 by Agarwal and Rajiv Raj. The company leverages technologies such as big data and machine learning to build its alternate credit scoring platform. This full stack platform powers the customer lifecycle - from origination to underwriting to collections - and access to capital in partnership with leading financial institutions. 

It is backed by prominent investors such as Bharat Fund, Matrix India Partners, Kalaari Capital, and more. Other players operating in a similar space include Nova Credit, Zest AI, Applied Data Finance, and more.