CredAble, a fintech company, announced on Wednesday that it had raised $30 million (about Rs 225.4 crore) in a Series B funding round headed by Plutus Wealth Management and its colleagues, as well as current investor Oaks Asset Management.
CredAble has raised around $40 million in equity investment to date. CredAble is a fintech company that helps in providing working capital for enterprises based in Mumbai. CredAble leverages its trade finance knowledge, partnerships with capital providers, and in-house technology platform to deliver working capital financing solutions to top corporates across Asia in the areas of payable and receivables financing, debt capital markets, and SME financing.
The Mumbai-based firm said in a statement that the cash would be used to improve its platform, which will allow it to innovate and enter deeper into the ecosystem to provide working capital solutions. According to the statement, the company also intends to develop unique debt capital market products for corporations and financial institutions.
CredAble’s CEO and cofounder, Nirav Choksi, said that the funds would be used to continue building technology to enable straight-through processed working capital solutions, as well as to launch their SME Growth and Credit Platform, which aims to create inclusive growth for small businesses by providing cash management, payment, and credit tools that will enable small business owners to grow and manage their businesses efficiently. He went on to say that the funding will allow the company to solve its clients’ working cash needs tenfold and give value to its financial institutional partners. The company has big intentions to solve the small business ecosystem’s working capital needs and establish true financial inclusion.
He also mentioned that Plutus is a fantastic partner to have onboard as they begin on the next stage of their growth narrative. Plutus has shown incredible faith in their vision and the CredAble team as they continue to create India’s largest working capital platform. CredAble distributed Rs 3,500 crore to over one lakh small firms last month and plans to disburse more in the months ahead.