The Venture Codex

Participated · Series D · May 2026

Sindhuja Microcredit operates as an NBFC-MFI focused on providing joint liability group (JLG) loans and individual lending products to self-employed women entrepreneurs, traders, shopkeepers, and farmers in rural and semi-urban areas. Founded by Abhisheka Kumar and Malkit Singh Didyala, the firm says it has served more than 5 lakh borrowers across 12 states over the last eight years. It currently operates 366 branches and manages assets worth over Rs 1,100 crore. Sindhuja emphasizes lending to borrowers in rural and remote regions and targets underserved communities including women entrepreneurs and MSMEs. The company has a multi-stage funding history, having raised Series A from Carpediem Capital, a Series B during the COVID-19 period, a pre-Series C in 2023 led by Abler Nordic, and a Series C in 2024 led by Huruma Fund (GAWA Capital) with participation from Oikocredit. With the recent pre-Series D proceeds, Sindhuja plans to strengthen its capital base and expand its lending operations.

Led · Equity · Oct 2025

Founded in 1990 by Maroti Gendaru Jawanjar, Berar Finance is one of Nagpur’s oldest vehicle-financing non-banking financial companies. The firm operates more than 160 branches in nine states, offering two-wheeler loans and, more recently, secured MSME loans aimed at small entrepreneurs, farmers and traders earning under $350 a month. Management, now led by second-generation promoter Sandeep Jawanjal, intends to turn Berar into a multi-product NBFC with a focus on growth, profitability and asset quality. As of FY24, Berar reported total assets of ₹1,316 crore, up from ₹1,141 crore the previous year, and net profit increased to ₹22 crore from ₹17 crore. A Crisil report shows FY25 total assets of ₹1,589 crore and net profit of ₹32 crore. The company’s assets under management stand at roughly ₹1,500 crore, with funding sourced 17% from public deposits and the rest from term loans, NCDs, cash credit and pass-through certificates. Previous capital infusions total ₹156 crore from family, promoters and investors such as Maj Invest and Amicus Capital Partners. Future plans include deepening two-wheeler financing and scaling the nascent secured MSME loan portfolio.

Led · Series B · Aug 2025

CredRight is a Hyderabad-based non-bank financial company (NBFC) that provides lending to nano and micro enterprises through a phygital model combining digital lending with 125 low-cost branches across four states. The company serves over 20,000 micro-enterprises, including shopkeepers and traders traditionally excluded from formal finance, targeting India’s $530 billion MSME credit gap (with a $169 billion micro segment). Founded in 2016 by Neeraj Bansal and Vineet Jawa, CredRight focuses on deepening financial access in tier-II to tier-IV markets. Its core product is small-ticket business loans for micro-enterprises, backed by a technology platform and branch network. The company plans to use new capital to expand its loan book, strengthen its technology platform, and increase geographic reach. CredRight competes with players such as Kinara Capital, Varthana, Aye Finance, U GRO Capital, and Indifi. CredRight is a Hyderabad-based data-driven lending platform that facilitates credit to small businesses and MSMEs via NBFCs and banks. It has built a distribution model to reach India’s 10 million Registered chit subscribers, largely in tier-III and tier-IV cities, and focuses on nano entrepreneurs with annual turnover up to Rs 1 crore. The company says it has served more than 5,000 nano enterprises to date and recently received an NBFC license, claiming one of the lowest NPAs in the industry. CredRight reports a 10x growth in assets under management (AUM) over the past three years and is targeting AUM of Rs 2,000 crore over the next three years. Financially, it recorded Rs 3.93 crore in revenue and a Rs 4.73 crore loss in FY22 and has yet to file its FY23 annual statements. The firm plans to use new capital to expand into new locations, strengthen its technology stack, and increase access to formal finance for small business owners. CredRight is a data-driven fintech that facilitates credit to small businesses and MSMEs by building credit profiles from chit-fund data and distributing loans through NBFCs and banks. The company has developed a proprietary credit-modeling algorithm and an end-to-end digital process that can enable loans to reach bank accounts within 3–5 business days. It targets India's roughly 10 million registered chit subscribers, largely in tier-II and tier-III cities, and focuses on underwriting and collections to maintain strong operational metrics. CredRight has disbursed more than INR 50 crore to over a thousand customers. Management plans to use the new funding to increase the managed loan book, expand the team, and invest in technology platforms and analytics. Investors cite the company’s low NPAs during the pandemic and expect significant loan-book growth following the raise. CredRight offers collateral-free business loans to micro, small, and medium enterprises by leveraging expected chit fund receivables and other data points. The company partners with chit funds across India to access members' past payment and default data for underwriting. It uses a machine-learning-based credit algorithm and digital processing capabilities to analyze cash flows and assess ability and willingness to repay, claiming approvals within 24 hours and disbursements within three business days. CredRight said it will use new funding to strengthen its technology platform, grow its team, and expand its customer reach. The startup aims to disburse Rs 100 crore in the next 12–15 months. CredRight was founded in 2016 by Neeraj Bansal.

Led · Series B · Sep 2023

Ergos operates a farm-gate Grainbank model that gives farmers access to better prices, storage, and the ability to turn stored grain into tradable assets and collateral for credit via NBFCs and banks. The company uses technology to offer end-to-end post-harvest supply chain solutions tied to its physical network of farm-gate warehouses. Ergos reports supporting over 160,000 farmers and operating Grainbank locations in more than 200 sites across Bihar, Karnataka, and Maharashtra. The company says farmer income has increased 30–35% annually with its assistance. On the financial front, operating revenue grew from Rs 40.81 crore in FY21 to Rs 134.6 crore in FY22 (a 3.3x increase), while losses rose from Rs 5.8 crore to Rs 23 crore over the same period; FY23 statements have not yet been submitted. Prior fundraising and investor relationships have supported network growth and product expansion. Ergos operates a farm-gate Grainbank model that enables farmers to convert their grains into tradable assets, avail credit against stored produce via NBFCs and banks, and obtain end-to-end post-harvest supply chain services. The company leverages technology to facilitate these services and to connect farmers to better price discovery. Ergos was founded by Kishore Kumar Jha, Praveen Kumar and Priyanka Kumari and is based in Patna. According to the company, more than 32,000 farmers are registered on the platform who have sold Rs 126 crore worth of produce. Ergos has a physical footprint in more than 60 locations in Bihar and targets to scale into nearby states, aiming to serve more than a million farmers by 2025 with over 2,000 branch locations. The company’s post-money valuation after the latest tranche is reported at Rs 160 crore (about $22 million). Ergos operates a grain-bank platform that enables farmers to convert their grains into tradable assets, avail credit against stored produce via NBFCs and banks, and secure better prices. The company says it has close to 30,000 farmers registered on the platform who have sold about Rs 125 crore worth of produce. Ergos was backed by Avishkar Bharat Fund in 2016 when it was at the ideation stage. The business model focuses on farmer onboarding, storage-to-finance linkages, and market access for produce. The company is five years old and is based in Patna. Recent investor interest comes amid broader funding momentum in agritech and supply-chain startups during the pandemic. Financially, the firm completed Series A share allotments and converted earlier convertible debentures as part of its funding round. Founded in 2010, Ergos operates a 'grain bank' model that digitizes grain deposits and runs a network of micro-warehouses located close to farmers. Farmers deposit bags of grain, receive certification/passbook records, and can withdraw or sell equivalent-quality grain from the network. The company leases or repurposes local village buildings as asset-light micro-warehouses and trains farmers in packing and warehouse management. Ergos generates revenue by charging storage rent to depositors and fees on sellers, and by creating arbitrage between buyers and sellers. It currently operates about 100 micro-warehouses and plans to scale beyond Bihar into multiple states. Management aims to secure over one million farmers, expand to roughly 2,000 branches within five years, and increase average grain stock from about 20,000 tonnes to millions of tonnes.

Participated · Equity · Aug 2022

Light Microfinance provides microfinance lending in rural India, targeting underserved populations and primarily women. Its activities aim to increase access to finance and create employment opportunities. The company is focused on scaling its microfinance lending in a context of limited investor interest in the sector. It operates in India and is domiciled there. In 2022 it secured equity capital to support growth and impact objectives. The investment relationship includes work on environmental and social standards through an ESAP and the development of a proportionate ESMS. The company is listed as active in investor reporting and is subject to BII’s reporting and complaints mechanism.