Credit and Finance for MSMEs: CredAble said it would deploy funds to enhance its platform to further innovate and penetrate deeper into the ecosystem, to provide working capital solutions for small businesses, and to create debt capital market products for corporates and financial institutions.
Credit and Finance for MSMEs: Working capital financing provider to small businesses, CredAble on Wednesday announced a $30 million investment in its Series B round of funding led by Plutus Wealth Management LLP and its associates. Existing investor Oaks Asset Management also participated in the round. The startup has so far raised around $40 million with the previous round of $4.5 million raised in October last year. Investments in the fintech sector have remained significant this year with India topping the fintech investments in the Asia Pacific region in the first half of 2021 with $2 billion followed by $1.3 billion in China.
“We are very excited to have Plutus on board as our partner as we embark on the next chapter of our growth story. Plutus have shown tremendous faith in our vision and the team at CredAble as we continue to build India’s largest working capital platform. This fundraise enables us to address the working capital needs of our customers exponentially and add value to our financial institutional partners,” said Nirav Choksi, Co-founder & CEO, CredAble in a statement.
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CredAble said it would deploy funds to enhance its platform to further innovate and penetrate deeper into the ecosystem, to provide working capital solutions for small businesses, and to create debt capital market products for corporates and financial institutions.
“Being a tech-first company, CredAble will use these funds to continue to build technology to enable straight-through processed working capital solutions and launch our SME Growth and Credit Platform which aims to create inclusive growth for small businesses by providing them with cash management, payment, and credit tools that will enable small business owners to efficiently grow and manage their businesses,” added Choksi.
According to CredAble, it has enabled over $2 billion annually in working capital for large, mid, emerging corporates, MSMEs, and financial institutions. Its platform hosts over 50 corporate customers, over 1 lakh borrowers, and over 25 large financial institutions and banks.
“CredAble is leveraging technology to solve the massive gap in working capital financing, which makes it a highly scalable and inclusive platform. It is focusing on various under-penetrated segments within working capital financing through a very simplistic yet holistic and win-win approach for its various partners including borrowers,” said Arpit Khandelwal, Managing Partner, Plutus Wealth Management. The boutique proprietary investment firm invests in Indian listed and unlisted equities.