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CredRight raises $10 Mn in Series B led by Abler Nordic

EntrackrEntrackr · 2h ago
CredRight raises $10 Mn in Series B led by Abler Nordic
Medial

CredRight, a Hyderabad-based NBFC focused on nano and micro enterprises, has raised $10 million in Series B funding led by Abler Nordic, which marked its first investment from its new Fund V. Existing backers Michael & Susan Dell Foundation and Unleash Capital also participated, while Abler Nordic has now emerged as the company’s largest equity investor. Earlier in August 2023, CredRight had raised around $9.7 million led by the Michael & Susan Dell Foundation and others. The new proceeds will be used to expand CredRight’s loan book, strengthen its technology platform, and deepen reach across tier-II to tier-IV markets. Founded in 2016 by Neeraj Bansal and Vineet Jawa, the company operates a phygital model combining digital lending with a network of 125 low-cost branches across four states. Currently, CredRight serves over 20,000 micro-enterprises, including shopkeepers and traders traditionally excluded from formal finance. Its model targets India’s $530 billion MSME credit gap, of which $169 billion lies in the micro segment. CredRight competes in the inclusive finance and MSME lending space alongside players like Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi.

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D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 1y ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

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