Working capital financing startup CredAble has secured Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI). This funding will enhance CredAble’s operations and bolster its support for micro, small, and medium enterprises (MSMEs) and women-led businesses across India.
In a statement, CredAble outlined its plans to expand product lines tailored to MSMEs and scale up its operational capacity. The company also aims to widen its financing scope to include a broader portfolio of businesses, with a particular focus on those led by women.
“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,” said Manu Prakash, Managing Director and Head of Partnerships & FI Coverage at CredAble.
This recent funding aligns with CredAble’s ongoing commitment to support women-led enterprises. The Axis Bank-backed lender recently allocated Rs 200 crore to assist women-led businesses, successfully supporting over 50 such enterprises throughout India over the past 10 months.
Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble is a working capital technology platform that disburses over $8 billion annually in working capital for large, mid-sized, and emerging corporates, MSMEs, and financial institutions. CredAble’s platform boasts over 125 corporate customers, more than 3,50,000 small business borrowers, and over 35 large financial institutions and banks. Utilizing adaptive AI/ML algorithms, CredAble has developed a risk-management platform to underwrite its offerings effectively.