This was co-led by Plutus Wealth Management LLP and its associates and their existing investor Oaks Asset Management who decided to re-invest in CredAble.
CredAble, an award-winning 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, has successfully raised $30 million as a part of their Series B fund raise. This was co-led by Plutus Wealth Management LLP and its associates and their existing investor Oaks Asset Management who decided to re-invest in 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.
Last month alone, CredAble disbursed 3,500 CRs 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.
Delighted to announce the funding news, Mr. Nirav Choksi, Co-founder & CEO, CredAble, said, “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.”
On securing funds in yet another round from Oaks Asset Management, Mr. Ram Kewalramani, Co-founder & Managing Director stated, “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.”
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 which are tailor made for small businesses and to create innovative Debt Capital Market products for corporates and financial institutions.
Further explaining the plans to channelize these funds, Mr. Choksi added, “CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. More than 30% 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.”
Highlighting the journey of CredAble and Oaks and their idea to re-invest in CredAble, Vishal Ootam, Co-founder and CEO from Oaks Asset Management shared, “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.”
Commenting on the transaction, Arpit Khandelwal, Managing Partner from Plutus Wealth Management LLP added “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.”
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.
Source: Business World