We are discussing Fintech Startup CredAble Secured $3.6 Million in a Debt Funding Round From SIDBI:
CredAble is a Mumbai-based Fintech startup that has secured $3.6 million in a debt funding round led by the Small Industries Development Bank of India. This funding round was funded by existing and new investors. The startup plans to use these fresh proceeds to scale its operations, expand its network, and provide financing solutions.
The startup aims to offer affordable financial solutions to small, micro, Medium, and women-led businesses in India. The funding will help the company extend and enhance its global financial solutions. CredAble was founded by Ram Kewalaramani and Nirav Choki to deliver fast and flexible working capital solutions while solving financing challenges in SMEs and financial institutions. CredAble is an NBFC offering a digital lending platform with technology-based supply chain funding solutions.
The company has well-established companies as investors, including Plutus Wealth Management LLP, Axis Bank Limited, and Oaks Asset Management. The startup is reported to have offered its financial solutions to more than 350,000 businesses worldwide. The Managing director and partner of CredAble, Manu Prakash, highlighted that the startup is focusing on meeting the growing demands of small, micro, and medium Enterprises by providing them with affordable financing to help them scale up their operations. CredAble provides financial access to small businesses nationwide by offering them loans with affordable interest rates.
CredAble claims to be the largest working capital tech platform across the country. The managing director at CredAble mentioned that this investment from SIDBI will help the startup solidify its position and strengthen women-led businesses, including MSME sectors. The startup previously secured $9 million from OAKS and Axis Bank to help small and medium enterprises grow according to market needs. This Mumbai-based startup aims to help SMEs manage disbursement and solve financing challenges.
Conclusion
CredAbke has secured a debt of $3.6 million in its debt and equity round led by SIDBI. The round was led by the Small Industries Development Bank of India and had participation from existing and new investors. The startup plans to use these fresh proceeds to enhance its platform, scale its operations, expand its network, and provide financing solutions. The funding will help the company to extend and enhance its financial solutions globally. The firm delivers fast and flexible solutions to working capital while solving financing challenges in SMEs and financial institutions.
The CredAble is an NBFC offering a digital lending platform with technology-based supply chain funding solutions. CredAble claims to be the largest working capital tech platform across the country. The startup provides small, micro, and medium businesses with affordable financing to help them scale up their operations. The company also offers various financial services, including low interest rates on business loans. The company is backed by known investors, including Plutus Wealth Management LLP, Axis Bank Limited, and Oaks Asset Management. CredAble has already provided its financial solutions to more than 350k businesses globally.
