CredAble Gets Rs 100 Cr in Series A Funding From Alpha Capital

Mumbai-based supply chain finance startup CredAble has raised Rs 100 crore in series A funding from Alpha Capital. The latest raised capital will be used to scale up operations and technology, as well as onward lending. Besides, CredAble aims to expand its loan book to Rs 500 crore by FY19.

Founded in 2017 by Choksi and Ram Kewalramani, CredAble offers supply chain financing to vendors of large corporates whose annual payments fall anywhere between Rs 4,500 crore and Rs 6,000 crore. The company is transforming supply chain finance with its proprietary Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions. It also collaborates with vendors of blue-chip corporates within specific ecosystems like logistics for ‘just-in-time’ pre-invoice working capital solutions using technology and credit frameworks to manage operational and financial risk via the TravelX platform.

The startup has also applied for a NBFC license and is expecting to get it within a month.

With the backing of Alpha Capital, the company aims to develop additional products to further enhance the supply chain financing space. Besides, it is also looking for a stake in the international market in future.

“CredAble will look to continue to expand within its current focus area, while developing value propositions across additional eco systems such as manufacturing, etc. The company also intends to develop additional products to further enhance the supply chain financing space. CredAble will also look at international markets in the long term,” Nirav Choksi said to ET.

The fintech startup has helped over 9,000 vendors to streamline their monthly working capital requirements. So far, it has enabled over Rs 108 crore in supply chain financing across 41,000 transactions.

CredAble’s team is backed by some prominent entrepreneurs like Mohandas Pai (Infosys ex-CFO), Sat Pal Khattar (Khattar Wong, Singapore), Darshan Patel (Vini Cosmetics), and Ranjan Pai (Manipal Group) as its investors. Earlier, the startup had raised $2.5 million in a seed round in 2017.

See More: Basobaas Raises Seed Funding From Emerging Classifieds Ventures

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