CredAble Nets INR 30 Cr Debt To Extend Financing Solutions to MSMEs, Women-Led Businesses

Mumbai-based fintech startup CredAble has raised INR 30 Cr (around $3.6 Mn) in debt funding from Small Industries Development Bank of India (SIDBI).

The company will deploy the fresh proceeds to scale up its operations and extend affordable financing solutions to MSMEs (micro, small, and medium enterprises) and women-led businesses in India.

Apart from this, the capital will be used to further ramp up the development of new market-leading financing solutions for its global customer base.

Founded by Nirav Choksi and Ram Kewalramani in 2017, CredAble offers financial growth solutions. It counts Oaks Asset Management, Plutus Wealth Management LLP and Axis Bank Limited as among its investors. 

The company claims to cater the needs of a growing base of more than 3,50,000 businesses globally. 

Manu Prakash, managing director and head of partnerships and FI coverage at CredAble, said, “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.”

“This latest injection of capital from SIDBI will further bolster our efforts to strengthen the MSME sector and women-led businesses,” Prakash added.

In 2022, CredAble raised $9 Mn (nearly INR 75.2 Cr) from Axis Bank and OAKS Asset Management to accelerate its growth plans and to offer credit solutions to SMEs and large businesses.

Meanwhile, electric vehicle manufacturer Ola Electric raised a debt of INR 100 Cr (about $12 Mn) from venture debt fund Alteria Capital.

In another instance, coworking startup Smartworks raised around $12 Mn (about INR 100 Cr) in a fresh funding round led by Ananta Capital, the backer of Bella Vita Organic.