CredAble Raises $30 Mn Series B Funding Led By Plutus Wealth And Oaks Asset Management The company said that funds raised in this round will be used to enhance CredAble's platform to constantly innovate and penetrate deeper into the ecosystem, to provide working capital solutions that are tailor-made for small businesses, and to create innovative Debt Capital Market products for corporates and financial institutions
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
CredAble, an AI-powered technology platform enabling working capital financing across enterprise ecosystems using state-of-the-art technology, digital KYC and onboarding, deep ERP, and bank integrations, on Wednesday announced to have raised $30 million as a part of their Series B fundraise. This was co-led by Plutus Wealth Management LLP and its associates and their existing investor Oaks Asset Management.
The company said that funds raised in this round will be used to enhance CredAble's platform to constantly innovate and penetrate deeper into the ecosystem, to provide working capital solutions that are tailor-made for small businesses, and to create innovative Debt Capital Market products for corporates and financial institutions.
"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 fund raise enables us to address the working capital needs of our customers exponentially and add value to our financial institutional partners. CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. More than 30 per cent of the GDP is contributed by the small business ecosystem which is largely credit and growth starved. 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," said Nirav Choksi, co-founder and chief executive officer, CredAble.
By leveraging their trade finance expertise, partnerships with capital providers and their in-house technology platform, CredAble is able to provide comprehensive working capital financing solutions to leading corporates across Asia in areas of payable and receivables financing, debt capital markets and SME financing.
"Oaks has been a fantastic partner from day one since CredAble was no more than a business plan. They have unstintingly backed CredAble's vision to create financial inclusion for all businesses in India and we are very fortunate to have their continued trust and partnership," stated Ram Kewalramani, co-founder and managing director, Oaks Asset Management.
Last month alone, CredAble disbursed INR 3,500 crore to more than 100,000 small businesses and foresees an even higher disbursement in the coming months. This is possible mainly because of their agile liquidity programs backed by disrupting technology that brings innovation in the trade financing landscape.
"We have been excited about the solution and platform that the company has been building out ever since our initial investment. What CredAble is doing is solving a huge problem by bringing in the entire unorganized vendor bases and suppliers and retailers into mainstream banking and finance. This will help them get access to institutional financing and also help them scale and meet with the pace of growth of their clients The company has up to now onboarded some of the best-in-class corporates and banks and with this round of funding we expect the business to scale multifold in the coming few years," shared Vishal Ootam, co-founder and chief executive officer, Oaks Asset Management.
"CredAble is leveraging technology to solve the massive gap in working capital financing, which makes it 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. It is indeed a delight for Plutus to be partnering with Nirav, Ram, and their capable team at CredAble," added Arpit Khandelwal, managing partner, Plutus Wealth Management LLP.
CredAble had last raised capital through a bridge fund round in October 2020. By executing the Series B Funding, the accumulative funds raised so far reaches approximately $40 million.
