Hyderabad-based CredRight, a non-banking financial company (NBFC) focused on serving nano and micro enterprises, has raised $10 million in Series B funding, led by Abler Nordic from its new Fund V. With this round, Abler Nordic becomes the company’s largest equity investor.
The round also saw participation from existing investors Michael & Susan Dell Foundation and Unleash Capital. Notably, in August 2023, CredRight had raised $9.7 million led by the Michael & Susan Dell Foundation.
Founded in 2016 by Neeraj Bansal and Vineet Jawa, CredRight addresses India’s $530 billion MSME credit gap with a focus on the $169 billion micro segment. The company follows a phygital model, blending digital lending with a physical presence through 125 low-cost branches across four states.
Currently, CredRight serves over 20,000 micro-enterprises, including small shopkeepers and traders traditionally excluded from formal finance.
The fresh funds will be deployed to:
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Expand CredRight’s loan book
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Strengthen its technology platform
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Deepen reach into Tier-II to Tier-IV markets
Operating in the inclusive finance and MSME lending space, CredRight competes with players like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi.
By:Arushi Agarwal
