Total amount raised
$74.4 Millions
Latest funding date
6/1/2024
Location
CredAble has successfully raised funds through multiple rounds, with its latest being a debt financing round on June 12, 2024. The company is backed by seven investors, including SIDBI and Equentia Natural Resources.
Keep reading to explore the intricacies of CredAble's fundraising journey and the investors backing this innovative platform.
What Is CredAble?
Founded in 2017, CredAble is a fintech company based in Mumbai, Maharashtra, India. The company specializes in providing capital financing solutions to financial institutions, MSMEs, and other growing businesses.
CredAble leverages technology and data analytics to enhance cash flow, improve supplier relationships, and achieve operational efficiency. The company was co-founded by Nirav Choksi, Rajiv Ramnarayan, and Ram Kewalramani.
With a team of 251-500 employees, CredAble continues to build working capital infrastructure globally, enabling over $11 billion in working capital annually.
How Much Funding Has CredAble Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: March 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product offerings.
- Series A
- Amount Raised: ₹1B
- Date: June 2018
- Lead Investors: Alpha Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale up the technology platform.
- Series A
- Amount Raised: $4.5M
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and increase market reach.
- Series B
- Amount Raised: ₹2.3B
- Date: October 2021
- Lead Investors: OAKS Asset Management, Plutus Wealth Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series C
- Amount Raised: $9M
- Date: August 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop technology and enhance service offerings.
- Corporate Round
- Amount Raised: $10M
- Date: March 2024
- Lead Investors: Equentia Natural Resources
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion efforts.
- Debt Financing
- Amount Raised: ₹300M
- Date: June 2024
- Lead Investors: SIDBI
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance operations and support MSMEs and women-led businesses.
Total Amount Raised: $26.6M + ₹3.6B
Current Valuation: Not publicly disclosed
Key Investors
- SIDBI (Small Industries Development Bank of India)
- Details: SIDBI is a development financial institution in India, focused on the growth and development of micro, small, and medium enterprises (MSMEs). It provides financial assistance and support to promote the MSME sector.
- Investment Focus Areas: MSMEs, women-led businesses, financial inclusion
- Notable Investments: CredAble, various MSMEs across India
- Equentia Natural Resources
- Details: Equentia Natural Resources is a Singapore-based investment firm. It focuses on natural resources and related sectors but also invests in diverse opportunities such as fintech.
- Investment Focus Areas: Natural resources, fintech, growth-stage companies
- Notable Investments: CredAble
- OAKS Asset Management
- Details: OAKS Asset Management is an investment management firm that provides asset management services. It focuses on high-growth companies across various sectors.
- Investment Focus Areas: High-growth companies, asset management, diverse sectors
- Notable Investments: CredAble
- Plutus Wealth Management
- Details: Plutus Wealth Management is a wealth management firm that offers financial planning and investment management services. It provides tailored investment solutions to its clients.
- Investment Focus Areas: Wealth management, financial planning, investment solutions
- Notable Investments: CredAble
- Alpha Capital
- Details: Alpha Capital is an investment firm that provides capital to growing businesses. It focuses on supporting companies with high growth potential.
- Investment Focus Areas: Growing businesses, high-growth sectors, capital investment
- Notable Investments: CredAble
What's Next for CredAble?
CredAble stands at the cusp of significant opportunities, particularly in expanding its product lines tailored to MSMEs and scaling up its operational capacity. With the MSME sector poised for substantial growth over the next five years, the company is well-positioned to widen its financing scope, especially for women-led businesses. This expansion could potentially increase their annual working capital disbursement, which already exceeds $8 billion.
Future fundraising opportunities seem likely as CredAble continues to grow. The recent Rs 30 crore funding from SIDBI and previous rounds indicate a strong investor interest, suggesting that additional funding rounds could be anticipated to support these initiatives. However, challenges such as managing the risks associated with a broader portfolio and navigating a competitive fintech landscape remain. Ensuring the effective deployment of funds and maintaining a technological edge will be crucial for CredAble's sustained growth.
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