CredAble Raises $30M In Series B Funding Round
CredAble, a fintech firm, has raised $30 million (about Rs 225.4 crore) in a Series B funding round. The funding round was co-led by Plutus Wealth Management and its associates and existing investor Oaks Asset Management.
As per the fintech firm, the raised funds will be used to enhance CredAble’s platform to innovate and penetrate deeper into the ecosystem. Additionally, the raised funds will be used to provide working capital solutions that are tailor-made for small businesses and to create innovative debt capital market products for corporates and financial institutions.
CredAble | Enabling Working Capital For India Inc.
Founded by Nirav Choksi and Ram Kewalramani, CredAble provides working capital financing solutions to leading corporates across Asia.
CredAble’s programs address working capital challenges facing large enterprises and their suppliers and distributors in areas of payable and receivables financing, debt capital markets and SME financing. The fintech firm does that by leveraging its trade finance expertise, partnerships with capital providers and in-house technology platform.
Speaking on the development, Nirav Choksi, CredAble Co-founder and CEO, said,
“We are very excited to have Plutus on board as our partner as we embark on the next chapter of our growth story. Plutus have shown tremendous faith in our vision and the team at CredAble as we continue to build India’s largest working capital platform.”
He added that more than 30% of the GDP is contributed by the small business ecosystem, which is largely credit and growth starved. CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion, Nirav Choksi said.
To date, CredAble has raised about $40 million in equity financing. Last month, the fintech firm disbursed Rs 3,500 crore to more than one lakh small businesses. CredAble expects to disburse higher amounts in the coming months.
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