Abler Nordic led a $10 million Series B funding round for CredRight, an NBFC based in Hyderabad that specializes in nano and microbusinesses. This was the company’s first investment from its new Fund V.
Abler Nordic is now the company’s biggest equity investor, while previous backers Unleash Capital and the Michael & Susan Dell Foundation also took part.
With the help of the Michael & Susan Dell Foundation and others, CredRight had raised about $9.7 million earlier in August 2023.
CredRight will use the additional funds to grow its loan portfolio, fortify its technological infrastructure, and reach more tier-II to tier-IV markets.
Neeraj Bansal and Vineet Jawa founded the business in 2016, and it uses a phygital model that combines digital lending with a network of 125 low-cost branches spread across four states.
CredRight currently provides services to more than 20,000 microbusinesses, including traders and store owners who have historically been shut out of formal financing. Its model aims to close the $530 billion MSME credit gap in India, of which $169 billion is in the micro.
Competitors like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi are competitors of CredRight in the MSME lending and inclusive finance markets.
