CredAble..
CredAble Secures INR 30 Cr. from SIDBI to Facilitate Financing for India’s MSMEs and Women-Led Businesses
~ CredAble to use the funding to expand their operations and bridge the funding gap for MSMEs and women-led enterprises.
~ The FinTech recently achieved a milestone aggregate throughput of USD 8 billion across its suite of working capital financing solutions.
Mumbai, India, 12th June 2024: CredAble, one of Asia’s leading working capital-focused FinTech companies, has successfully raised INR 30 Cr. in debt funding from SIDBI to scale up their operations and extend affordable financing solutions to MSMEs and women-led businesses in India.
By providing holistic financial growth solutions, CredAble is at the forefront of shaping the working capital financing space and catering to the needs of a growing base of 3,50,000+ businesses globally.
The company's award-winning AI-powered technology platform offers built-to-suit, large-scale liquidity programs tailored to the unique needs of enterprises and their network of MSME suppliers, enabling more than USD 8 billion annually in working capital for India Inc.
The FinTech player is renowned for its innovative approach to the working capital financing space, particularly in leveraging sophisticated advanced analytics, adaptive AI/ML algorithms, and a robust risk-management platform.
Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs.
CredAble has been stepping up its fight against underrepresentation in the startup ecosystem. In addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women. The company recently had dedicated INR 200 Cr. to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months.
Commenting on CredAble’s latest funding from SIDBI, Manu Prakash, MD and Head – Partnerships & FI Coverage, said, “The MSME sector is touted for significant growth over the next five years. 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.”
The funding from SIDBI is a testament to CredAble’s ground-breaking performance in enabling last-mile credit delivery to MSMEs and will further accelerate the development of new market-leading financing solutions for its global customer base.
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