CredAble, a pioneering working capital financing startup, has announced a significant boost to its operations with the infusion of Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI).
his funding aims to fortify CredAble’s commitment to supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) and women-led businesses across India.
CredAble intends to leverage this capital infusion to expand its product offerings tailored specifically for MSMEs while also scaling up its operational capabilities. Furthermore, the company plans to broaden its financing scope to encompass a diverse portfolio of businesses, with a particular emphasis on those led by women.
Manu Prakash, MD, and Head of Partnerships & FI Coverage at CredAble, expressed optimism about the growth potential of the MSME sector and emphasized the company’s dedication to addressing the evolving needs of small and medium-sized enterprises.
Notably, CredAble has recently allocated a substantial portion of its resources, amounting to Rs 200 crore, to support women-led enterprises. This initiative has already benefited over 50 businesses across India within a span of 10 months, reaffirming the company’s commitment to fostering gender-inclusive economic empowerment.
Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble has emerged as a leading working capital technology platform, facilitating the annual disbursement of over $8 billion in working capital for a diverse clientele, including large corporations, mid-sized enterprises, MSMEs, and financial institutions.
With a robust platform boasting over 125 corporate customers, more than 350,000 small business borrowers, and partnerships with over 35 major financial institutions and banks, CredAble continues to drive innovation and efficiency in the realm of working capital financing.
As the company embarks on its next phase of growth, fueled by the recent funding from SIDBI, it is poised to make even greater strides in empowering MSMEs and fostering the success of women entrepreneurs across the nation.