CredAble, a fintech startup, has secured debt funding from SIDBI totalling Rs 30 crore ($3.6 million).
CredAble stated in a press release that the fund will be utilized to expand its operations and provide MSMEs and women-led businesses in India with accessible financing options.
Nirav Choksi and Ram Kewalramani founded CredAble in 2017 with the goal of providing working capital to financial institutions, MSMEs, and large, mid, and emerging corporates.
The company has established a comprehensive working capital infrastructure to digitize corporate-led financing and underwriting needs, going beyond conventional banking and loan products.
Over 125 corporate clients, over 3,50,000 small business borrowers, and over 35 major banks and financial institutions are housed on CredAble’s platform.
Over the course of ten months, the company has supported over fifty women-led businesses throughout India, having recently committed Rs 200 crore to this cause.
In a fresh funding round led by Singapore-based Equentia Natural Resources, CredAble secured $10 million in March. Thus far, it has raised almost $60 million.
From Rs 4.92 crore in FY22 to Rs 13.94 crore in FY23, CredAble’s operating revenue increased 2.78 times. The company’s losses increased 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22 as a result of its growth-oriented actions.
