CredRight Secures USD 10 Mn Series B Funding to Expand MSME Lending The Series B funding round was led by Abler Nordic's Fund V, with participation from existing investors Michael & Susan Dell Foundation and Unleash Capital.
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Hyderabad-based non-banking financial company CredRight has raised USD 10 million in a Series B funding round led by Abler Nordic, marking the first investment from its new Fund V.
Existing investors Michael & Susan Dell Foundation and Unleash Capital also participated in the round.
The fresh capital will be directed towards expanding the company's loan book, strengthening its technology platform and extending credit access to entrepreneurs in tier II to tier IV towns.
In August 2023, CredRight had secured close to USD 9.7 million in funding led by the Michael & Susan Dell Foundation and other investors.
Founded in 2016 by Neeraj Bansal and Vineet Jawa, CredRight focuses on providing financial solutions to nano and micro enterprises that are often left out of traditional credit systems. The company operates on a "phygital" model that combines digital lending platforms with 125 low-cost physical branches across four states.
Currently, CredRight claims to serve more than 20,000 micro-enterprises, including shopkeepers and small traders. Its investors also include YourNest Venture Capital, 100Unicorns and Accion Venture Lab.
India's micro, small and medium enterprises sector continues to face a significant credit gap estimated at USD 530 billion, with nearly USD 169 billion attributed to the micro segment alone.
With its latest round, CredRight seeks to strengthen its position in inclusive finance, where it competes with firms such as Kinara Capital, Varthana, Aye Finance, U GRO Capital and Indifi.
