Accion Venture Lab, the seed-stage investment vehicle of financial inclusion-focused investor Accion, India-focused venture capital fund manager YourNest and several angel investors have jointly invested INR90 million (approximately US$1.3 million) in India-based fintech startup CredRight. CredRight provides credit to unserved and underserved micro-, small- and medium-sized enterprises. The company partners with chit funds, which use a reverse auction process to distribute pooled funds across India, to acquire customers and use previously untapped chit data and other data points to underwrite loans for customers. CredRight plans to use the new capital to further invest in technology, grow its team and expand its customer base.