- Funds are going to be utilized for growth and further capitalizing CredAble’s NBFC
- Founders have also invested their own funds in this round
28th October, 2020 – India: CredAble, a Mumbai-based Supply Chain Finance FinTech has successfully raised $4.5 million in a follow-on round. The company is reimagining supply chain finance by providing liquidity programs for enterprise supply chains using state-of-the-art SaaS user interface, eKYC, plug and play functionality and digital documentation and transaction management.
Founded in 2017 by Mr. Nirav Choksi and Mr. Ram Kewalramani, the company has received its funding from its founders and existing investors i.e. Oaks Asset Management (erstwhile Alpha Capital) and V’Ocean Investment. The funds are going to be utilized for growth and further capitalizing CredAble’s own Non-Banking Financial Company (NBFC).
On securing the funds, CEO & Co -Founder, Mr. Nirav Choksi states “CredAble has seen an unprecedented scale up in the disbursements we are enabling on our various platforms over the last 6 months. We have enabled over Rs 2500 CR in vendor and dealer/distributor financing over the COVID period. This interim fund-raise will further boost disbursements given the varied opportunities that we currently have. We are very humbled by the continued trust our existing investors and are grateful to them for their unstinting backing during our growth phase.”
The company leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programs. COO & Co – Founder, Mr. Ram Kewalramani stated “CredAble is innovating working capital in India by enabling the Borrowers on its platform to get access to liquidity on a pre and post invoice basis. CredAble’s proprietary platform enables working capital basis purchase order, goods receipt note, proof of delivery and post invoice basis thereby truly innovating supply chain financing in India.”
CredAble last raised $14.8 million funding in 2018 for its Series A round from Alpha Capital, a private equity investment firm situated in Mumbai, this follow on fund raise takes the total funding raised close to $20 million accumulatively.