Fintech Startup CredAble Raises $9 Million In Funding
CredAble, a supply chain financing platform, has raised $9 million led by private sector lender Axis Bank. The funding round also saw participation from existing investor Oaks Asset Management in the equity funding round.
As part of this deal, which is expected to be completed by September 30, Axis Bank will acquire a little over 5% of the fintech startup.
The startup plans to use the fresh funds to accelerate its growth plans. CredAble further plans to utilise the funding in growing its banking-as-a-service solutions in international markets and expand its footprint in the domestic market via its platform UpScale.
CredAble | Supply Chain Financing Platform
Founded by Nirav Choksi and Ram Kewalramani in 2017, CredAble is an AI-enabled working capital financing startup that provides working capital to large, mid, and emerging corporates, as well as micro, small and medium enterprises (MSMEs) and financial institutions.
It leverages the technology built in-house, expertise in big data analytics, and trade finance to offer a slew of lending and finance solutions to SMEs, large companies and financial institutions.
Speaking on the development, Nirav Choksi, Co-founder and CEO of CredAble, said,
“This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes. The incoming investors and CredAble are aligned in their vision of what CredAble has stood for and what it can accomplish in the foreseeable future.”
CredAble claims to have witnessed 500% year-on-year growth and onboarded more than 100 corporate customers, over 300K small business borrowers and over 30 financial institutions as well as banks on its platform.
The startup had picked up $30 million as part of its Series B fundraising in October last year, co-led by Plutus Management LLP and Oaks Asset Management.
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