Credmate Shark Tank India Pitch:
Credmate is an Indian startup which appeared on Shark Tank India season 2. The founders have a credit platform which has 2.75Lakh registered users at the time of their pitch and those users has lent or borrowed over ₹1800 Crores through their platform. The founders came to the tank to sought an investment of ₹50 Lakhs in exchange for 5% equity in the company valuing the business at ₹5 Crores.
Credmate is available through the google play store and Apple App Store. they are using OTP, one-time passwords for the accounts to make sure people pay the money back before the deadline.
Credmate has different tiers of behaviors which helps lenders analyise if they should invest or not. Their categories include, on time for people who pay the money back on time, reschedule behavior is for people who postpone the payment. They also have delayed and setteled category for people who pay the money back but late. And, Then there is defaulted, which is for people who never pay the money back.
Credmate has also created a timeline on their app which they upload on regular bases with the names and details of people who never pay the money back. The founders shared that they are not regulated by RBI because they do not do any payments through their app or act as a wallet.
Credmate’s Financials & Revenue during Shark Tank India:
The company had over 40,000 people who were KYC verified, this is also their main source of income. They charge ₹50 for verification but it only costs them ₹5. They had a lifetime revenue of ₹12 Lakhs and last month brought it ₹1.3 Lakhs. They had total transactions of 1.17 Lakhs.
The company is planning to go on a cash-burn model in future that means that they will be using all the income and funding for customer acquisition & retention. They want to get users hooked to Credmate and then use this platform as an advertisement for the banks. The founders have invested ₹30 lakhs of their own money to start this venture.
Credmate Shark Tank India Negotiations & Funding:
Peyush went out due to founders not knowing their numbers properly and depth of their business. Aman went out due to same reason. Namita couldn’t understand the business therefore she went out as well. Vineeta went out because she felt like it would be different approach to solve these challenges. Anupam also went out due to product not being market fit at the time of their pitch.
Who are the founders of Credmate?
Gaurav Kundra & Gaurav Sharma founded Credmate. They are from Ludhiana. Gaurav Kundra completed his BBA in 2014. He has been working with IT since 2012. He completed is studies from IIT Delhi in 2022. He was 28 years old at the time of their pitch.
Gaurav Sharma has done electronics engineering, and he graduated in 1995. He started his own business, where he sold IT hardware and software solutions. He started importing products from China for that business in 2010. He was 47 years old at the time of their pitch.
How is Credmate doing After Shark Tank India?
Our research in the Credmate revealed that while the company did not get a deal on Shark Tank India, They are still in business as of January 2025. They have 2.4 Rating on apple store however and you can check their website to get download links for their app. Also click the Amazon button below to shop other Shark Tank India Products!
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Here are other companies from Season 2 Episode 10.