CredRight Expands Reach with $10 Million Funding Led by Abler Nordic
- CredRight raises $10M Series B led by Abler Nordic, its largest equity investor.
- Funds to expand loan book, strengthen tech, and reach tier-II to tier-IV markets.
- Serves over 20,000 micro-enterprises, targeting India’s $530B MSME credit gap.
Hyderabad-based CredRight, an NBFC focused on nano and micro enterprises, has raised $10 million in Series B funding, led by Abler Nordic. This marks Abler Nordic’s first investment from its new Fund V and now makes it CredRight’s largest equity investor. Existing backers, including the Michael & Susan Dell Foundation and Unleash Capital, also participated.
Earlier in August 2023, CredRight had raised about $9.7 million from the Michael & Susan Dell Foundation and others.
The new funds will be used to expand CredRight’s loan book, strengthen its technology platform, and increase reach in tier-II to tier-IV markets. Founded in 2016 by Neeraj Bansal and Vineet Jawa, CredRight operates a phygital model, combining digital lending with a network of 125 low-cost branches across four states.
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Currently, CredRight serves over 20,000 micro-enterprises, including shopkeepers and traders who are traditionally excluded from formal finance. The company aims to bridge India’s $530 billion MSME credit gap, with $169 billion in the micro segment.
CredRight competes with players like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi in the inclusive finance and MSME lending sector.
