credRight commences operations in Tamil Nadu; financial technology start-up focuses on MSME lending

Hyderabad, May 20 (KNN) After commencing operations in Tamil Nadu, the financial technology start-up CredRight which focuses on facilitating loans to the MSME sector, has said it has plans to disburse more than Rs 50 crore by the year 2020.

The lender started its operation in Tamil Nadu on Saturday. The Hyderabad-based company announced setting up of branch network in here and said it would soon foray into Coimbatore and other cities in the state.

During the next 12 months, CredRight has plans to reach out to more than 10,000 customers in Tamil Nadu to serve the chit funds subscribers in micro, small and medium enterprise (MSME) sector with a targeted monthly disbursement of more than Rs 20 crore, a company release said.

The data-driven lending platform, facilitates loans to micro and small enterprises, the release said.

In Chennai, the company has tied-up with Mayabaram Financial Company to reach out to 10,000 customers, the release added.