EzCred raises US$1 million seed funding

Bangalore-based EzCred Private Limited, a consumer lending startup, has raised more than US$1 million from a group of angel investors in its first round of funding. The startup, founded by Zephyr Peacock India’s former managing director Sachin Maheshwari and ZipDial co-founder Amiya Pathak, went live in February.

The startup will primarily use the funds to ramp up its technology infrastructure and expand team. EzCred offers loans to consumers for purchases at offline stores. With its technology enabled authentication processes which leverages Aadhar, eKYC and biometric identification, it reduced the huge amount of paperwork involved in traditional processing and disbursal of loans.

EzCred is currently focused on financing mobile phone purchases whereas its area of focus was consumer durables when it started operations. It has partnered with Noida-based tech distribution company YMS Mobitech to showcase its financing options at offline retail outlets.

It has tied up with four lenders, including banks and non-banking financial companies and is in talks with more lending partners. In its recent future, the company plans to expand into other consumer durable categories and diversify into travel and healthcare.