Hyderabad, Feb. 11 -- Hyderabad-based CredRight,one of the first FinTech start-ups, focused on chit fund sector , has announced to lend Rs 200 Crores to Indian MSMEs in the next 3 years. CredRight, the data-driven lending platform partners with chit funds and use a reverse auction to distribute pooled funds across India to acquire customers and to underwrite loan for a customer.
In the coming fiscal year 2019-20, the company plans to further invest in technology and grow from the strength of 13 to 35 in addition to lend Rs 50 crores to MSMEs by December 2019, the company said in a release.
The total size of the chit fund business in the country is estimated to be around Rs 70,000 crores with about 75-80 lakh customers.
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