[Funding alert] CredAble secures $4.5M in a follow-on round from Oaks Asset Management, and more
CredAble, a Mumbai-based fintech startup focused on the supply chain finance segment, on Wednesday raised $4.5 million in a follow-on funding round from its existing investors — Oaks Asset Management and V’Ocean Investment.
The startup last raised $14.8 million funding in 2018 in a Series A round from Alpha Capital – a private equity investment firm based in Mumbai. In the latest funding round, CredAble founders have also put in their own capital, with the total funding raised by the startup reaching close to $20 million.
The raised funds will be utilised for growth and further capitalising CredAble's Non-Banking Financial Company (NBFC), the startup said in a statement.
CredAble cofounder Nirav Choksi
Speaking on the funding, CredAble Co-founder and CEO Nirav Choksi, said, “CredAble has seen an unprecedented scale-up in the disbursements over the last six months. We have enabled over Rs 2,500 crore in vendor and dealer/distributor financing over the COVID-19 period. This interim fund-raise will further boost disbursements given the varied opportunities that we have currently.”
CredAble provides liquidity to enterprises by using its SaaS interface, eKYC, digital documentation, and transaction management. According to the startup, it leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programmes.
Co-founder and COO Ram Kewalramani, said, “CredAble is innovating working capital in India by enabling the borrowers on its platform to get access to liquidity on a pre and post invoice basis. CredAble’s proprietary platform enables working capital basis purchase order, goods receipt note, proof of delivery, and post invoice basis, thereby truly innovating supply chain financing in India.”
The startup, which was founded in 2017, has the vision to triple working capital available, especially for the small businesses. It aims to partner with corporates to unlock valuable operating cash flow and bridge the working capital gap for suppliers and distributors.