Arthvit 1809 Tech Pvt. Ltd: Raising $15-20 Million in Funding
Arthvit 1809 Tech Pvt. Ltd, which is the parent company of Rupicard and GoodScore, is gearing up to secure $15-20 million in a new funding round, according to sources familiar with the situation, as reported by Startup Superb.
According to an anonymous source, Peak XV is spearheading a $15 million investment in Arthvit 1809 Tech, which includes GoodScore and Rupicard, with support from the existing investor Stellaris. The specifics of the agreement have been settled, and an official announcement from the company is anticipated in the near future.
Established in 2022 by Rakshit Agarwal and Sanchit Bansal, GoodScore assists individuals in enhancing their credit scores to 750 or above. This platform offers monthly monitoring, comprehensive reports, and professional advice. Their primary product, Rupicard, features a secured credit card linked to a fixed deposit (FD), enabling users to establish or better their credit ratings. Consumers can initiate an FD with a minimum of Rs 5,000, getting a credit limit equivalent to 90% of their deposit.
Inquiries sent to Peak XV and Bansal received no prompt replies.
Last year, Bajaj Markets, a subsidiary of Bajaj Finserv, joined forces with Rupicard to broaden the reach of credit card offerings throughout India. Arthvit 1809 Tech, which oversees both Rupicard and GoodScore, receives backing from Stellaris Venture Partners, Saison Capital, and Sprint VC, based on PitchBook data.
Interestingly, Peak XV is also an investor in OneCard, which operates OneScore, an app comparable to GoodScore. The company led by Anurag Sinha has achieved unicorn status, with Peak XV being the largest investor.
In FY24, Arthvit 1809 Tech commenced monetizing its operations, witnessing a significant increase in its operating revenue, which climbed to Rs 2.5 crore last fiscal year from just Rs 4,000 in FY23. Revenue from services constituted the company’s only income source in the last fiscal year. Nonetheless, the company’s losses also expanded considerably, worsening by 7.7 times to Rs 7 crore in FY24.