Biography of Neeraj Bansal: Founder and CEO of CredRight Pvt Ltd- Entrepreneur
Story of Neeraj Bansal: From Engineering to FinTech Innovation
Foundations in Engineering
Neeraj Bansal began his academic journey at Bhilai Institute
of Technology (BIT) in Durg, where he pursued a Bachelor of Engineering in
Computer Science from 1999 to 2003. His studies laid a robust technical
foundation, equipping him with analytical and problem-solving skills that would
become crucial throughout his career. The rigorous curriculum at BIT not only
honed his technical expertise but also fostered a strong work ethic and a
penchant for innovation.
Advanced Business Education
Building on his technical background, Neeraj furthered his
education at the Indian Institute of Management, Lucknow (IIM Lucknow), where
he earned a Post Graduate Diploma in Management (PGDM) with specializations in
Finance and Marketing from 2003 to 2005. This period was pivotal, as it
provided him with a comprehensive understanding of financial management,
strategic marketing, and business operations. The insights gained from IIM
Lucknow played a critical role in shaping his approach to business and
leadership.
Early Professional Experiences at Tech Mahindra
Upon completing his PGDM, Neeraj joined Tech Mahindra in May
2005 as a Sales Manager. Over the next four years, he was instrumental in
expanding the company’s presence into new enterprises. His role involved
acquiring new clients and managing key accounts, which provided him with
valuable experience in sales strategy, client relationship management, and
market expansion. This early experience helped Neeraj develop a keen
understanding of business dynamics and client needs.
Leadership Roles at Syntel
Neeraj’s career progressed significantly when he joined
Syntel in February 2009. Initially, he took on the role of Director of Business
Development for Travel & Logistics, focusing on client acquisition and
account management across Europe. His responsibilities included developing new
business opportunities and managing relationships with key clients in the
travel and logistics sectors. By January 2012, he was promoted to Regional
Director for BeNeLux, where he led all verticals across the region, further
refining his leadership and strategic planning skills. His tenure at Syntel was
marked by significant achievements in client management and market penetration.
Strategic Initiatives at Tech Mahindra
In July 2014, Neeraj returned to Tech Mahindra, this time as
AVP of Strategic Initiatives. In this role, he was responsible for driving
mergers and acquisitions, managing strategic initiatives, and overseeing large
deals within the BFSI sector and portfolio companies. His focus was on
identifying growth opportunities, negotiating high-value deals, and steering
strategic projects to successful completion. This role highlighted his
capabilities in strategic thinking and high-stakes negotiations.
Founding CredRight
In May 2016, Neeraj co-founded CredRight Pvt Ltd, alongside
Vamsi Krishna B and Vineet Jawa. CredRight was established to address a
significant gap in the financial sector: the lack of access to institutional
capital for micro and small businesses in India. The founders recognized that
these businesses, which form a crucial part of the Indian economy, often
struggled to secure formal financing. CredRight aimed to bridge this gap by
leveraging technology to offer collateral-free loans.
Mission and Impact of CredRight
CredRight’s mission is to provide institutional capital to
micro and small enterprises that typically rely on informal sources of finance.
The company focuses on leveraging the power of digital technology to offer
loans that are often out of reach for these businesses due to stringent
traditional lending criteria. By targeting this underserved segment, CredRight
seeks to empower small businesses, helping them grow and contribute more
significantly to the economy.
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Biography of Neeraj Bansal:Founder & CEO of CredRight Pvt Ltd- Entrepreneur/Investor/Age/Net worth/story of Neeraj Bansal/Wife/CredRight story
Technology-Driven Lending Solutions
At the core of CredRight’s operations is its innovative use
of technology. The company employs a machine learning algorithm and
sophisticated analytics to assess creditworthiness. This involves analyzing
chit fund repayment histories, alongside other financial and socio-business
data, to create accurate credit profiles. This approach allows CredRight to
offer loans to businesses with limited traditional financial data, addressing a
significant barrier in conventional lending.
Efficient Loan Processing
CredRight’s platform is designed to streamline the loan
application process. Through a user-friendly, multi-lingual app, businesses can
apply for loans quickly and efficiently. The platform captures data through
integrations with third-party sources, making the application process both fast
and reliable. Loans are typically sanctioned within 24 hours and disbursed
within 72 hours, offering a significant improvement over traditional loan
processing times.
Range of Loan Products
CredRight offers two primary types of loans: the Interest
Only Loan and the EMI Loan. The Interest Only Loan requires borrowers to pay
only the interest during the loan term, with the principal amount repaid in a
lump sum at the end. The EMI Loan involves regular monthly payments of both
principal and interest. Loan amounts range from Rs 1 lakh to Rs 35 lakh, with
interest rates starting at 18% per annum. This flexibility allows businesses to
choose a loan structure that best suits their financial situation.
Speed and Flexibility
One of CredRight’s key advantages is its rapid loan
disbursement process. The company’s digital platform enables it to process
applications and disburse loans in a matter of days, significantly reducing the
time and hassle typically associated with securing business loans. This
efficiency is particularly beneficial for small businesses that need quick
access to working capital.
Innovative Credit Assessment
CredRight stands out from traditional lenders by using
alternative data sources to assess creditworthiness. Instead of relying solely
on conventional financial data and collateral, CredRight uses chit repayment
histories and other socio-demographic data. This approach enables the company
to evaluate the creditworthiness of businesses that may not have extensive
financial histories but have demonstrated reliability through their chit
payments.
Market Position and Impact
With a team of 65 employees, CredRight operates from its
headquarters in Bengaluru, India. The company has established itself as a
significant player in the specialized finance sector, providing a
technology-driven solution to an underserved market. By addressing the needs of
micro and small businesses, CredRight has made a meaningful impact on the
financial landscape, helping these enterprises access the capital they need to
grow.
Funding and Growth Prospects
CredRight has successfully raised $15.2 million in funding
from a diverse group of investors, including UNLEASH Capital Partners,
BlackSoil, Caspian, the Michael & Susan Dell Foundation, and RevX Systems.
This funding has been instrumental in supporting the company’s growth and
expansion. With these resources, CredRight is well-positioned to enhance its
offerings and reach more small businesses across India.
Future Vision and Goals
Looking ahead, CredRight aims to facilitate loans totaling
more than Rs 1,000 crore in the next three years. By continuing to innovate and
leverage technology, the company plans to further its mission of providing
fair, simple, and transparent financial solutions to micro and small
enterprises. Through its efforts, CredRight aspires to empower businesses,
helping them achieve their growth potential and contribute to India’s economic
development.
Timeline for Neeraj and CredRight story
1999-2003: Pursued Bachelor of Engineering in Computer
Science at Bhilai Institute of Technology.
2003-2005: Earned Post Graduate Diploma in Management (PGDM)
in Finance and Marketing from IIM Lucknow.
May 2005: Started as Sales Manager at Tech Mahindra.
February 2009: Joined Syntel as Director of Business
Development for Travel & Logistics.
January 2012: Promoted to Regional Director for BeNeLux at
Syntel.
July 2014: Returned to Tech Mahindra as AVP of Strategic
Initiatives.
May 2016: Co-founded CredRight Pvt Ltd to provide
collateral-free loans to micro and small businesses.
2020: CredRight launched its technology-driven lending platform,
streamlining loan processes.
2021: Offered loans with flexible structures and rapid
disbursement through its digital platform.
2023: Raised $15.2 million in funding to support growth and
expansion.
2024: Aims to facilitate over Rs 1,000 crore in loans,
continuing its mission to empower small businesses.
