CredRight has raised $10 million in a Series B round to deepen credit access for small and micro-enterprises across India.
The funding round was led by Abler Nordic, marking its first investment from the newly launched Fund V, alongside existing backers Michael & Susan Dell Foundation and Unleash Capital.
The fresh capital will be used to strengthen CredRight’s loan portfolio, upgrade its technology platform, and extend its presence across Tier-2 to Tier-4 cities.
With this investment, Abler Nordic has become the company’s largest equity holder and will work closely with the leadership team to scale operations, bolster governance and enhance its social impact agenda.
Established in 2016 by Neeraj Bansal, a graduate of BIT Durg and IIM Lucknow, and Vineet Jawa, an alumnus of ISB and a serial entrepreneur, CredRight follows a distinctive ‘phygital’ model.
It combines a digital-first lending platform with a network of 125 cost-efficient branches spread across four Indian states.
This hybrid approach has enabled the company to serve more than 20,000 micro-enterprises, mainly small traders and shopkeepers excluded from traditional banking systems.
Speaking on the development, Neeraj Bansal, Co-Founder of CredRight, noted that micro enterprises will be central to India’s aspiration of becoming a $10 trillion economy.
He added that access to institutional finance will be vital for accelerating their growth and resilience, stressing that the latest fundraise highlights the strength of CredRight’s model despite industry headwinds.
India’s MSME sector continues to face a substantial funding gap estimated at $530 billion, of which $169 billion is linked to the micro-enterprise segment.
Currently, only 14 per cent of the country’s 64 million micro-entrepreneurs have access to formal business loans, underscoring the scale of the unmet demand, particularly in semi-urban and rural regions.
Arthur Sletteberg, Managing Director at Abler Nordic, said that the investment reflects both confidence in CredRight’s approach and a strong commitment to India as a key market.
He added that through the provision of patient capital and active ownership, Abler Nordic aims to back a home-grown solution to bridge the credit divide.
According to the 2023 60 Decibels Microfinance Index, over 70 per cent of CredRight’s borrowers reported higher income, improved savings, and stronger financial management after securing credit.
Building on this momentum, the company has set a target of empowering more than 10 million nano enterprises across underserved parts of India.
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