Supply chain finance startup CredAble has raised $30 million in its Series B round co-led by Plutus Wealth Management LLP and its associates along with its existing backer Oaks Asset Management.
With this round, the total funds raised by CredAble in equity financing stands at about $40 million to date. Earlier in June 2020, it had closed a $14.8 million Series A round led by Alpha Capital.
The Mumbai-based company said in a statement that it will use the funds to enhance its platform to innovate and penetrate deeper into the ecosystem in order to provide working capital solutions for small businesses.
Founded by Nirav Choksi and Ram Kewalramani in 2017, CredAble provides supply chain financing to vendors of large corporations. It helps vendors receive early payments against their approved invoices, without waiting for the typical credit cycles of 45-90 days.
CredAble’s platform hosts over 50 corporate customers, more than 100,000 borrowers, and 25 large financial institutions and banks. Last month, CredAble claimed to have disbursed Rs 3,500 crore loan to over 100K small businesses.