Fintech startup CredAble has raised $10 million in a new round from Singapore-based Equentia Natural Resources. The fresh investment has come after a gap of 15 months for the Mumbai-based company.
The board at CredAble has passed a special resolution to issue 11,963 preference shares in November 2023, at an issue price of Rs 69,384 each to raise Rs 83 crore or $10 million, its regulatory filing sourced from the Registrar of Companies shows.
The company will use these proceeds to meet the working capital requirements, growth/expansion, and general corporate activities, as per filings.
CredAble has raised over $55 million across rounds including its last round of $9 million in August 2022, led by private sector lender Axis Bank and with the participation of Oaks Assets Management. As per TheKredible’s estimates, the company has been valued at $177 million post-allotment.
Founded in 2017, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions.
According to the company website, it has over 125 enterprise customers and more than 3 lakh small business borrowers. The company also partnered with over 35 large financial institutions. It reportedly disbursed Rs 45,000 crore of working capital in the calendar year 2023, registering a 100% growth from the previous calendar year (FY22).
The company is reportedly in talks to raise $50-70 million in its Series C round.
CredAble’s revenue from operations grew 2.78X to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. In pursuit of growth, the losses of the company surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
