Indian working platform CredAble said Thursday it has received fresh funding of $9 million via an equity infusion from Axis Bank, India’s third largest private sector bank, and its existing investor OAKS Asset Management.
The investment will be used to accelerate its growth plans, CredAble said in a statement.
“This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes. The incoming investors and CredAble are aligned in their vision of what CredAble has stood for and what it can accomplish in the foreseeable future,” said Nirav Choksi, Co-Founder and Chief Executive Officer, CredAble.
CredAble is India’s largest working platform enabling more than $5 billion annually in working capital for India Inc. which includes large, mid, emerging corporates, micro, small and medium enterprises (MSMEs), and financial institutions.
CredAble’s platform hosts over 100 corporate customers, over 300,000 small business borrowers, and over 30 large financial institutions and banks. By leveraging our technology built in house, expertise in big data analytics, trade finance, and partnerships with capital providers, it leads the working capital space while witnessing over 500 percent year-on-year growth.
According to the statement, this investment reiterates CredAble’s commitment towards empowering small businesses and becoming the preferred working capital solution provider to its growing list of enterprise customers and financial institution alliances, many of which are long-standing relationships.
“Our focus for the next few quarters is to continue accelerating our growth in providing working capital solutions to our customers and to be a strategically important partner to our financial institution participants. This investment will also help expand our banking as a service (BAAS) solutions in global markets as well as to penetrate deeper into the small and medium-sized enterprises (SME) ecosystem in India through our UpScale platform,” said Ram Kewalramani, Co-Founder and Managing Director, CredAble.
The transaction endorses the value of Fintech and Bank partnerships and their collaborative efforts to create world-class customer experiences that solve real credit and business needs for India Inc.
“This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform,” said Vishal Ootam, Chief Executive Officer of OAKS Asset Management.
The equity investment reaffirms CredAble’s leadership position in empowering India Inc. through its award-winning digital working capital infrastructure solutions.