CredRight, an NBFC with data-driven technology that specializes in helping nano companies, reports raising INR 78 Crore in investment through a combination of equity and debt capital.
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The Michael and Susan Dell Foundation spearheaded the equity capital fundraising, with additional support from long-term investors like YourNest, Spearhead Capital, 9Unicorns, and Accion Venture Lab. In addition, Blacksoil, Caspian Debt, RevX Capital, and Westen Capital contributed funds for the debt capital.
The platform will use this extra funding to grow into new markets, develop its technological foundation, and aim to improve the lives of small business owners by facilitating their access to formal financing.
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“We are on a mission to make formal finance simpler, accessible, transparent, and faster. We have served more than 5,000 nano enterprises, and this fund-raise will help us expand our reach exponentially. Our phygital model, unique underwriting ability and deep understanding of nano enterprises helps us reach remote areas and provide meaningful loans whilst ensuring profitability,” said Neeraj Bansal, cofounder, CredRight.
Millions of small and medium-sized businesses who lack access to institutional finance from commercial banks are getting credit aid from CredRight as per reported by Entrepreneur.com.
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“We are delighted to partner with the CredRight team in serving the acute financing requirements of over 63 million MSME businesses in India. The financing gap is wider still for nano entrepreneurs, businesses with an annual turnover between INR 1 and 10 million. These growing businesses account for approximately 20% of the MSME segment yet over 90% of them lack access to formal financing from traditional lenders. These entrepreneurs are the future of India, and Credright is creating opportunities for them, their families, and their communities across the country,” said Geeta Goel, country director, Michael & Susan Dell Foundation.
The fintech platform claimed that it has experienced a 10 times growth in its assets under management (AUM) over the past three years. The company is targeting AUM of INR 2,000 crore over the next three years.
About CredRight
CredRight is a cutting-edge digital lending organization that caters exclusively to Micro and Small Businesses. It makes the loan application procedure simple so that business owners may concentrate on expanding their enterprises. Their main goal is to improve the way small businesses in India are supported. They use technology to provide you with collateral-free and hassle-free working capital loans, supported by the titans of the chit-fund industry and their collaboration.
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