Fintech start-up CredRight has raised ₹9 crore from Accion Venture Lab, a seed-stage investor, YourNest, an early stage venture capital fund, and a few angel investors.
A data-driven lending platform, CredRight provides credit to the unserved and underserved micro, small, and medium enterprises (MSMEs).
“We are aiming to disburse ₹100 crore in the next 12-15 months. We will invest the funds that we have raised on technology, growing the team,” said Neeraj Bansal, co-founder and Chief Executive Officer of CredRight.
“We will expand our operations to reach even more unserved and under-served customers,” he said.
CredRight is working with chit funds to get access to medium and small enterprises and their entire past credit history related to chit fund payments and defaults data.
“By leveraging its proprietary machine learning-based credit algorithm, we are able to build a better picture of cash flows, ability to repay, and willingness to repay for any applicant. We can approve loans within 24 hours and disburse funds within three business days,” he said.