Fintech startup CredRight has raised $2.7 million in a round led by 9Unicorns, Spearhead Capital and Venture Catalyst. Existing investors YourNest, Accion Venture Labs and other angels have also joined the round.
According to the Hyderabad-based startup, the funds will be used to increase the managed loan book, expand the team size and invest in tech platforms and analytics.
Led by Neeraj Bansal, CredRight is a data-driven lending platform that facilitates credit to small businesses and MSMEs via NBFCs and Banks. It has built a tech-based distribution model to reach out to India’s 10 million Registered chit subscribers that are largely located in tier-II and tier-III cities.
The startup claims to have disbursed over Rs 50 crore worth of loans to over 1,000 customers,The platform uses a proprietary credit-modelling algorithm that leverages chit data to build objective credit profiles.