CredRight Raises Rs 9 Crore Pre-Series A Funding
Hyderabad-based fintech startup CredRight raises 9 Crore from Accion Venture Lab, YourNest, an early stage venture capital fund along with other individual investors.
Lending platform CredRight provides a loan to unserved and underserved micro, small, and medium enterprises (MSMEs).
The company partners with chit funds, which are similar to Rotating Savings and Credit Association (ROSCAs) in the United States but use a reverse auction to distribute pooled funds across India to acquire customers and use previously untapped chit data, along with other data points, to underwrite a loan for a customer.
"CredRight plans to further invest in technology, grow its team, and continue its expansion plans to reach even more unserved and underserved customers," said Neeraj Bansal, co-founder an...