CredAble raises $30 million in Series B funding

Credable provides working capital financing in payables and receivables financing, debt capital markets and SME financing to corporates across Asia. Credable claims to enable over $2 billion annually in working capital for Indian companies, including large, medium, emerging corporate, MSMEs and financial institutions. Credable’s platform hosts over 50 corporate clients, over 100,000 borrowers and 25 large financial institutions and banks. Last month, Credable claimed to have disbursed ₹3,500 crore.

“Plutus has shown tremendous confidence in us and the team at Credable as we continue to build India’s largest working capital platform. Enables to rapidly meet needs and add value to our institutional financial partners.

The company plans to use the capital raised to continue building its technology platform, providing working capital solutions to small businesses and creating new debt capital markets products for corporates and financial institutions.

“Credable has ambitious plans to meet working capital requirements for the small business ecosystem and create true financial inclusion. More than 30% of GDP is contributed by the small business ecosystem, largely credited And being a tech-first company, Credable will use these funds to continue building technology to enable straight-through processed working capital solutions and launch our SME growth and credit platform. It aims to drive inclusive growth by providing small businesses with cash management, payment and credit tools that will enable small business owners to grow and manage their businesses efficiently,” Choksi said.

Credable last raised capital through a bridge round in October 2020. So far the startup has raised around $40 million.

“What Credable is doing is solving a huge problem by bringing the entire unorganized vendor base and suppliers and retailers into the mainstream of banking and finance. “This will help them gain access to institutional financing and enable them to scale up and meet the growth momentum of their clients,” said Vishal Uttam, Co-Founder and CEO, Oaks Asset Management.