Private Equity

Angel Investments

SME lender CredRight raises $2.7 M from 9Unicorns, Spearhead Capital, others

Yourstory  

Hyderabad-based fintech startup CredRight has raised USD 2.7 million (about INR 20 crore) from 9Unicorns, Spearhead Capital, and Venture Catalysts, along with existing investors YourNest, Accion Venture Lab and other angels. 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 located in Tier 2 and 3 cities. The platform uses a proprietary credit-modelling algorithm that leverages chit data to build objective credit profiles. CredRight claims to have disbursed more than INR 50 crore worth of loans to more than a thousand customers. The funds raised will be used to increase the managed loan book, expand the team size, and invest in tech platforms and analytics.