Former Zephyr Peacock India managing director Sachin Maheshwari and ZipDial co-founder Amiya Pathak have joined hands to launch EzCred, a fin-tech startup that will focus on consumer lending. Maheshwari and Pathak told Techcircle that they have been working together since last year and the platform will be live in February, with several businesses and multiple lenders on board.
EzCred Private Ltd got incorporated a fortnight ago while the founders had put in place the technology back-end, the mobile app (to enable loan processing at retail stores) and operational force over the last several months.
"We are building a tech platform, which connects lenders with businesses that want to offer credit to their customers at the point of sale," said Maheshwari. "The platform will enable loans to be originated and disbursed in a seamless manner while ensuring foolproof credit underwriting and fast turnaround time," he claimed.
EzCred has built an Aadhaar-linked app that would enable instant loan approval at retail outlets. The company has already tied up with distribution partners for this.
Scores of startups have emerged in the fin-tech space, especially in the lending segment, over the last few months. Around a dozen, including IndiaLends, Zest Money and Capzest, raised venture capital and seed funding last year. While many of them focus on online lending, EzCred wants to cater to offline demand in the space where non-banking finance companies like (NBFCs) Bajaj Finserv and Capital First are operating.
Both Maheshwari and Pathak are computer science engineers who graduated from IIT-Kanpur in 1998. In the new venture, Maheswhari will be CEO and Pathak will be COO. Maheshwari, who began his career in Silicon Valley, moved into the private equity industry after his MBA from Wharton. He has been with venture capital and private equity firms such as Draper Fisher Jurvetson, Opus Capital and, most recently, Zephyr Peacock.
Pathak, who co-founded ZipDial, was its COO for over five years. Following ZipDial's acquisition by Twitter in 2015, he became Twitter's director of product management. He left Twitter in September last year.
EzCred is currently expanding its tech and operations teams. The company is looking for data scientists and credit analysts to strengthen its credit assessment engine. The founders have put in the initial seed capital.
"These days, it doesn't take too much capital to build the initial technology. Scaling the platform is what requires money. We are in advanced discussions with investors and will be closing a round soon," Pathak said.