Fintech lending platform CredAble has raised $9 million in funding from Axis Bank and existing investor OAKS Asset Management.
The startup plans to use the funds to accelerate its growth plans, scale its Banking-as-a-Service (BaaS) solutions in international markets and expand footprint in the domestic market through its platform Upscale.
The Mumbai-based CredAble was founded in 2017 by Nirav Choksi and Ram Kewalramani, It is an AI-enabled working capital financing startup that provides loan and finance solutions to SMEs, large companies and financial institutions.
“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,” said Nirav Choksi, co-founder and CEO, CredAble.
The company claims to have connected over 100 corporate customers, over 300K small business borrowers and over 30 financial institutions as well as banks on its platform. It also claims to see further 500% year-on-year growth.
With the new funding round, CredAble has raised a total of $59 million to date.
“This investment is an important long-term step in helping CredAble fulfills its mission of building India’s largest working capital financing platform,” said, Vishal Ootam, CEO OAKS Asset Management.
In October 2021, CredAble had raised $30 million in series B funding round from Plutus Wealth Management and Oaks Assets Management.
CredAble is India’s largest working capital tech platform enabling more than $3 Billion working capital annually. As an umbrella platform for all working capital solutions, CredAble caters to the working capital requirements of India Inc which includes large, mid, emerging corporates, MSMEs, and financial institutions.
CredAble’s platform hosts over 75 corporate customers, over 150000 small business borrowers, and over 30 large financial institutions and banks. By leveraging the technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, CredAble leads the working capital space while witnessing over 500% year on year growth.
The Company was awarded under the Fintech, and Deep Tech categories at NASSCOM Emerge 50 Awards 2020 and was recently recognized as one of the Top SCM Software Tech Startup by Tracxn in the series of Emerging Startups of 2022.
The Company was selected into the Oracle Startup Cloud Accelerator Program 2018, SAP Startup Studio Cohort 2020 and was also recognized by the Maharashtra Government as the Best FinTech Startup 2018.