CredAble, a fintech platform that enables working capital financing for enterprises, has raised $30 million as part of its Series B fundraising, co-led by Plutus Wealth Management LLP and existing investor Oaks Asset Management.
CredAble provides working capital financing to corporates across Asia in payable and receivables financing, debt capital markets and SME financing. CredAble claims to enable more than $2 billion annually in working capital for Indian companies, including large, mid, emerging corporates, MSMEs and financial institutions. CredAble’s platform hosts over 50 corporate customers, more than 100,000 borrowers, and 25 large financial institutions and banks. Last month, CredAble claimed to have disbursed ₹3,500 crore.
“Plutus have shown tremendous faith in us and the team at CredAble as we continue to build India’s largest working capital platform. This fundraising enables us to address the working capital needs of our customers exponentially and add value to our institutional financial partners,” said Nirav Choksi, co-founder and CEO of CredAble.
The company plans to use the capital raised to continue to build its technology platform, provide working capital solutions to small businesses and create new debt capital market products for corporates and financial institutions.
“CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. More than 30% of the GDP is contributed by the small business ecosystem, which is largely credit and growth starved. Being a tech-first company, CredAble will use these funds to continue to build technology to enable straight-through processed working capital solutions and launch our SME growth and credit platform. It aims to create inclusive growth for small businesses by providing them with cash management, payment and credit tools that will enable small business owners to efficiently grow and manage their businesses,” Choksi said.
CredAble had last raised capital through a bridge round in October 2020. To date, the startup has raised nearly $40 million.
“What CredAble is doing is solving a huge problem by bringing in the entire unorganized vendor bases and suppliers and retailers into mainstream banking and finance. This will help them get access to institutional financing and also help them scale and meet with the pace of growth of their clients,” said Vishal Ootam, co-founder and chief executive officer of Oaks Asset Management.
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!