CredRight has secured Rs 78 crore in funding to grow its business into new markets, consolidate its technology stack, and help enrich the lives of small business owners by providing them access formal finance.
CredRight claims to have reported a 10x growth in its assets under management (AUM) over the previous three years. The company is now aiming an AUM of Rs 2,000 crore over the next three years.
The data-driven lending platform CredRight, Co-founded by Neeraj Bansal and Vineet Jawathat facilitates credit to small businesses and MSMEs via NBFCs and banks. The startup is driving by the goal of bridging the credit gap for SMEs that do not have access to institutional debt as commercial banks and traditional institutional lenders find it prohibitive to distribute cost-efficiently in remote locations.
Neeraj Bansal, Co-founder & CEO of CredRight said “Our phygital model, unique underwriting ability, and deep understanding of nano enterprises helps us reach remote areas and provide meaningful loans whilst ensuring profitability.”
“We are delighted to have successfully executed this fundraise in a challenging environment and welcome the support of, the Michael & Susan Dell Foundation and, of our existing shareholders,” Bansal added.
CredRight serves 5000 Nano Enterprises
Neeraj explains the company has served more than 5,000 nano enterprises so far, and the latest fundraise will help to accelerate its reach significantly. In 2021, the startup secured $2.7 million (approximately Rs 20 crore) from 9Unicorns , Spearhead Capital, and Venture Catalysts, along with existing investors YourNest, Accion Venture Lab, and other angels.
According to the Hyderabad-based data-driven fintech startup statement, the funding was raised through a combination of equity and debt. While Michael & Susan Dell Foundation led the equity round along with existing investors including YourNest, Spearhead Capital, 9Unicorns, and AccionVenture Lab, the debt round was led by BlackSoil, Caspian Debt, RevX Capital, and Westen Capital.