Tech-enabled consumer finance NBFC, Credit Wise Capital (CWC) has raised $6 million in its seed funding round led by Chairman of MJ Shah Group Mayank Shah.

The funding round also saw participation from Family offices and angel investors including serial investor Ajay Goel, Founder of Venture Catalysts Anuj Golecha.
Director of EssGee Group Gaurav Gandhi, Director of Shanti Group Anup Agarwal, and Gaurav Singhvi also participated in the round.

As per the company, it plans to use the raised amount to grow its dealer network, geographically expansion, and improve its collection technology and underwriting models.

Founded by Aalesh Avlani and Hirak Joshi, CWC aims of providing technology-driven and easy loans to customers while at the same time maintaining a qualitative decision mechanism.

Currently, focused on automobile financing with its first focus product being two-wheeler financing, CWC also aims to disrupt the market space by making lending quick and easy.

Co-founder Hirak Joshi said,

“Many lenders progressed fast thinking that tech would handle risk on its own. They forgot that technology is as good as the hands that are put into use. Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one.”

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