CredAble Raises Rs 30 Crore Through SIDBI For MSME Financing

New Delhi, Jun 13 (KNN) CredAble, a Mumbai-based financial technology start-up, has raised Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI).

The company plans to utilise the newly acquired capital to expand its operations and provide affordable financing solutions to micro, small and medium enterprises (MSMEs) as well as women-led businesses across India.

Additionally, a portion of the funds will be allocated towards the development of new market-leading financing solutions for CredAble's global customer base.

Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble offers financial growth solutions to businesses.

The start-up’s investor portfolio includes Oaks Asset Management, Plutus Wealth Management LLP, and Axis Bank Limited. CredAble currently serves a growing base of over 350,000 businesses globally.

"The MSME sector is poised for significant growth over the next five years," said Manu Prakash, Managing Director and Head of Partnerships and FI Coverage, CredAble.

He further explained, "From providing affordable financing to scaling up their operations, we're focused on meeting the growing demands of small and medium-sized businesses. This latest injection of capital from SIDBI will further bolster our efforts to strengthen the MSME sector and women-led businesses."

In 2022, CredAble raised approximately Rs 75.2 crore from Axis Bank and OAKS Asset Management to accelerate its growth plans and offer credit solutions to SMEs and large businesses.

(KNN Bureau)