Supply chain finance startup CredAble bags Rs 100 Cr series A round from Alpha Capital

CredAble

Supply chain finance startup CredAble has raised Rs 100 crore in series A funding from Alpha Capital. Of this Rs 100 crore financing, Rs 25 crore comes in equity and the rest is debt funding.

The latest procced will be used to scale up operations and technology, as well as onward lending. Besides, the startup also aims to expand its loan book to Rs 500 crore by FY19.

Founded by Vishal Ootam and Vivek Anand in 2017, CredAble provides supply chain financing to vendors of large corporates. The startup is backed by entrepreneurs like Mohandas Pai (Infosys ex-CFO), Sat Pal Khattar (Khattar Wong, Singapore), Darshan Patel (Vini Cosmetics), and Ranjan Pai (Manipal Group).

Earlier, the Mumbai-based startup had raised $2.5 million in seed round in 2017.

CredAble offers Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions. It also collaborates with large corporates to provide digital vendor financing solutions that enable their vendors to gain instant access to working capital.

The fintech firm claims to enable over Rs 108 crore in supply chain financing across 41,000 transactions so far that has helped over 9,000 vendors streamline their monthly working capital requirements.

With the backing from Alpha Capital, the company aims to develop additional products to further enhance the supply chain financing space. Besides, it is also eyeing newer geographies in future.

The company has applied for a non-banking financial corporation (NBFC) license and is expecting to get it within a month.

Private equity investment firm Alpha Capital was founded in 1984. It provides equity financing for promising growth businesses and for buyout or recapitalization of established companies.

The firm seeks to invest in manufacturing, consumer-related investments including consumer products, retailers, and restaurant chains; business services with industrial customers, financial services, and clean technology, among several others.

The development was first reported by ET.

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