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

CredRight, a Hyderabad-based NBFC focused on nano and micro enterprises, has raised $10 million in Series B funding led by Abler Nordic, which marked its first investment from its new Fund V. 

Existing backers Michael & Susan Dell Foundation and Unleash Capital also participated, while Abler Nordic has now emerged as the company’s largest equity investor.

Earlier in August 2023, CredRight had raised around $9.7 million led by the Michael & Susan Dell Foundation and others.

The new proceeds will be used to expand CredRight’s loan book, strengthen its technology platform, and deepen reach across tier-II to tier-IV markets. 

Founded in 2016 by Neeraj Bansal and Vineet Jawa, the company operates a phygital model combining digital lending with a network of 125 low-cost branches across four states. 

Currently, CredRight serves over 20,000 micro-enterprises, including shopkeepers and traders traditionally excluded from formal finance. Its model targets India’s $530 billion MSME credit gap, of which $169 billion lies in the micro segment. 

CredRight competes in the inclusive finance and MSME lending space alongside players like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi.