CredRight, a microfinance institution catering to India's smallest businesses, has secured $10 million in Series B funding led by Abler Nordic to expand its impact and reach.

Target Information

CredRight is a non-banking financial company based in Hyderabad, India, focusing on lending to the country's smallest business owners, specifically micro enterprises. Established in 2016 by co-founders Neeraj Bansal and Vineet Jawa, the company has successfully served over 20,000 micro-enterprises, which include shopkeepers and traders who typically find themselves excluded from obtaining formal credit. With the recent Series B funding, CredRight aims to enhance its loan book, upgrade its technological infrastructure, and expand its outreach to Tier II through Tier IV towns across India.

The recent $10 million investment in CredRight was led by Abler Nordic, marking the firm’s inaugural investment from its new Fund V. The follow-up investments include participation from existing backers such as the Michael & Susan Dell Foundation and Unleash Capital, providing additional financial support to strengthen CredRight's operational capacity.

Industry Overview

India's microfinance sector plays a crucial role in fostering economic growth, particularly for those engaged in small-scale business activities. With millions of nano and micro entrepreneurs contributing significantly t