CredAble raises Rs 30 Cr from SIDBI

Fintech startup CredAble has secured Rs 30 crore ($3.6 million) in debt funding from SIDBI. The funds will be used to expand its operations and provide affordable financing solutions to MSMEs and women-led businesses in India, according to a press release from CredAble.

 Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble offers working capital to large, mid-sized, and emerging corporates, as well as MSMEs and financial institutions. The company has developed a comprehensive working capital infrastructure to digitize corporate-led financing and underwriting needs, going beyond traditional banking and loan products.

CredAble’s platform supports over 125 corporate customers, more than 3,50,000 small business borrowers, and over 35 large financial institutions and banks. Recently, the company allocated Rs 200 crore to support women-led enterprises, assisting more than 50 such businesses across India in just 10 months.

In March, CredAble raised $10 million in a new round of funding from Singapore-based Equentia Natural Resources, bringing its total funding to nearly $60 million. CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22, though its losses increased 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22 as it pursued growth.

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