Mumbai-based Fintech Startup CredAble announced raising INR 55 crore through equity infusion from Axis Bank and its existing investor OAKS Asset Management. The money will be used to accelerate its development plans.
CredAble has raised a total of $58.8 million in funding in 5 rounds. Their latest funding $9 million (INR 55 crore) was raised on August 2, 2022, from a corporate round-the-clock.
“This direct investment by AxisBank and the continued support of existing investors validates CredAble’s journey in helping India solve its working capital problems. Incoming investors and CredAble are aligned in their vision of what CredAble is and What it can achieve. Near future,” said Nirav Choksi, Co-Founder and CEO.
Vishal Uttam, CEO, OAKS Asset Management, said, “This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform.”
Founded in 2017 by Nirav Choksi, Rajiv Ramnarayan, and Ram Kewalramani.
Over the years, CredAble has built a working capital platform for all participants of Corporate India including large enterprises, mid and emerging corporates, MSMEs and financial institutions by creating a robust fintech infrastructure.
This investment reiterates CredAble’s commitment to empowering small businesses and becoming the preferred working capital solutions provider for a growing list of enterprise clients and financial institution alliances, many of whom have long-standing relationships. The transaction supports the value of fintech and bank partnerships and their collaborative efforts to create world-class customer experiences that solve genuine loan and business needs for India Inc.
CredAble is a fintech platform that helps with capital financing for sellers, distributors and dealers. It combines technology, financing, deep learning and analysis to dynamically create innovative supply chain financing products as it helps vendors receive payments against their approved invoices
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