CredRight raises $10 Mn in Series B round led by Abler Nordic

CredRight, a NBFC focused on nano and micro enterprises, has raised $10 million in Series B funding led by Abler Nordic.

The round also saw participation from existing backers Michael & Susan Dell Foundation and Unleash Capital.

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The new funds will help CredRight grow its loan book, upgrade its tech platform, and expand deeper into tier-II to tier-IV markets.

In August 2023, CredRight raised about $9.7 million, led by the Michael & Susan Dell Foundation and other investors.

“Micro enterprises will play a significant role in India’s journey to a $10 trillion GDP. Access to institutional capital accelerates their growth and resilience. This fundraise, despite industry headwinds, is a testament to CredRight’s business model,” said Neeraj Bansal, co-founder of CredRight. 

“This first investment from Fund V reflects both our confidence in CredRight’s model and our strong commitment to India as a priority market. By supporting CredRight with patient capital and active ownership, we aim to back a locally-rooted solution that effectively addresses this gap,”said Arthur Sletteberg, Managing Director at Abler Nordic.

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Rakesh Goyal, Head – Financial Services, Michael & Susan Dell Foundation India, said, “Nano or micro entrepreneurs form the backbone of India’s economy, yet most lack access to fair and flexible capital. CredRight is changing that by blending technology with community reach, helping thousands of small businesses boost income, create jobs and achieve financial security.”

About CredRight 

Founded in 2016 by Neeraj Bansal and Vineet Jawa, Hyderabad-based CredRight follows a phygital model, blending digital lending with a network of 125 low-cost branches across four states.

It currently supports 20,000+ micro-enterprises like shopkeepers and traders who are usually left out of formal finance. The company’s model focuses on India’s $530 billion MSME credit gap, with $169 billion in the micro segment alone.