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India based Fintech startup, CredAble has said, “It has raised $30 million as a part of their Series B round funding co-led by Plutus Wealth Management LLP & its associates, and form its existing investor Oaks Asset Management.”
The company plans to use the funds raised in this round 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.
Speaking on the funding, 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 has shown tremendous faith in our vision and the team at CredAble as we continue to build India’s largest working capital platform. This fundraising enables us to address the working capital needs of our customers exponentially and add value to our financial institution partners.”
Further explaining the plans to channelize these funds, 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.”
Speaking on the investment in CredAble, Ram Kewalramani, Co-founder & Managing Director added, “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.”
Commenting on the Oaks idea to reinvest in CredAble, Vishal Ootam, Co-founder and CEO from Oaks Asset Management said, “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,” Vikram added.
Further speaking on the transaction, Arpit Khandelwal, Managing Partner of Plutus Wealth Management LLP said, “CredAble is leveraging technology to solve the massive gap in working capital financing, which makes it a 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 reach approximately $40 million.