CredAble raises Rs 30 Cr from SIDBI

Fintech startup CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI.

The fund will be used to scale up its operations and extend affordable financing solutions to MSMEs and women-led businesses in India, CredAble said in a press release.

Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble provides working capital to large, mid, and emerging corporates, as well as micro, small, and medium enterprises (MSMEs), and financial institutions.

Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs.

CredAble’s platform hosts over 125 corporate customers, over 3,50,000 small business borrowers, and more than 35 large financial institutions and banks.

The company recently had dedicated Rs 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months.

In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. It has raised nearly $60 million to date.

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.