CredAble raises Rs 30 Cr from SIDBI to support MSMEs, women-led businesses
In addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women.
Working capital financing startup has raised Rs 30 crore in debt funding from Small Industries Development Bank of India (SIDBI) to enhance its operations and support MSMEs and women-led businesses in India.
In addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women, it said in a statement.
“The MSME sector is touted for significant growth over the next five years. From providing affordable financing to scaling up their operations, we’re focused on meeting the growing demands of small and medium-sized businesses," Manu Prakash, MD and Head–Partnerships & FI Coverage, said.
The Axis Bank-backed lender recently allocated Rs 200 crore to support women-led enterprises, assisting over 50 such businesses throughout India over a span of 10 months.
Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble is a working capital technology platform that disbursed over $8 billion annually in working capital for large, mid, and emerging corporates, MSMEs, and financial institutions. CredAble’s platform claims it hosts over 125 corporate customers, over 3,50,000 small business borrowers, and over 35 large financial institutions and banks.
The company uses adaptive AI/ML algorithms, and has built a risk-management platform to underwrite its offerings.
Edited by Megha Reddy