NBFC lender to MSMEs CredRight on Thursday announced raising Rs 78 crore in a mix of equity and debt funding from the non-profit organisation Michael and Susan Dell Foundation. According to a release by the company, the equity part was led by the foundation with participation from existing investors.The debt part of the capital included investors viz., Blacksoil, Caspian Debt, RevX Capital, and Westen Capital. Founded in 2016, CredRight, which provides institutional debt funding to nano enterprises in Tier 3 and Tier 4 towns, said it will utilise the funds to expand to new locations and improve its technology stack. Citing the Reserve Bank of India (RBI), the company noted that fewer than 10 per cent of MSMEs in the country currently have access to formal finance. To enable access to formal credit, CredRight said it utilizes physical distribution channels and underwrites loans based on analyzing the small businesses’ cash flows.