A delhi-based Millennial Card Technologies Pvt. Ltd, which operates digital credit card provider Olly Credit, has raised an undisclosed amount of funding which is led by some of the famous investors like Jade Value, the investment arm of Chinese unicorn CashBUS, and India’s Lead Angels Network, according to a report.
Before Olly Credit, Jade Value had recently participated in USD 1 million pre-series A funding round of Mumbai-based CoutLoot which held last year, a C2C fashion re-commerce platform, April this year as well.
In the year 2017, Olly-Credit has raised an undisclosed amount from Japan’s Incubate Fund along with participation from the ofy Sandesh Kirkire, who is the Former CEO of Kotak Mahindra Asset Management Company and Yogesh Chaudhary, Director, Jaipur Rugs.
The startup which is founded in the year 2015 by Anand Kumar, Ashwin Bhambri and Ringaile Noq, Olly Credit offers mobile-first digital micro credit card on the VISA and Rupay networks with a dynamic credit limit of up to a level of Rs 20,000. The company, which follows a B2B2C user-acquisition model, has collaborated with the leading bank that is DCB Bank and targets employees of hospitality and healthcare sector with a starting salary of Rs. 11,000 to extend essential credit through micro credit-cards. Additionally, the startup is also in the process of adding non-banking finance companies as lending partners going ahead.
According to the a company Linkedln page, “India’s working class population is in dire need of a credit product that is a purchasing utility for their day-to-day expenses and essential needs. Most individuals feel the crunch in the last quarter of every month and require small denomination credit to buy groceries, pay bills and other essential expenses.”
A report on the investment of the startup,Johan Uddman, general manager at Jade Value Fintech, said, “We were so impressed by the CEO’s and founders and the landing space in India which is exciting us so much. We want Olly to be a leader in digital credit card in the future.”