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CredAble raises $30 mn in Series B funding led by Plutus Wealth, Oaks Asset Management
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Mumbai-based supply chain finance firm CredAble on Wednesday raised $30 million (Rs 225 crore) in a Series B funding round led by Plutus Wealth Management LLP and existing investor Oaks Asset Management.     

The company said the funds will be used towards enhancing CredAble’s platform to innovate and penetrate deeper into the ecosystem, and to provide working capital solutions for small businesses.     

CredAble last raised $4.5 million (Rs 33 crore) in a follow-on round after its $14.8 million Series A funding in 2018. So far, the company has raised $40 million (around Rs 300 crore).     

The company said last month it disbursed over Rs 3,500 crore to more than 100,000 small businesses and foresees higher disbursement in the coming months.     

Founded in 2017 by Nirav Choksi and Ram Kewalramani, the fintech firm provides loans to enterprise supply chains using SaaS user interface, eKYC, digital documentation, and transaction management.    

“CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. More than 30% of the GDP is contributed by the small business ecosystem which is largely credit and growth starved,” CEO Choksi said.     

“Being a tech-first company, CredAble will use these funds to continue to build technology to enable straight-through processed working capital solutions and launch our SME Growth and Credit Platform which aims to create inclusive growth for small businesses by providing them with cash management, payment, and credit tools that will enable small business owners to efficiently grow and manage their businesses,” he added.   

The company leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programmes.    

“What CredAble is doing is solving a huge problem by bringing in the entire unorganized vendor bases and suppliers and retailers into mainstream banking and finance. This will help them get access to institutional financing and also help them scale and meet with the pace of growth of their clients," said Vishal Ootam, co-founder and chief executive officer of Oaks Asset Management.  

Earlier this month, Veritas Finance Pvt Ltd, focused on lending to micro, small, medium enterprises (MSMEs), raised Rs 440 crore of primary investment through a Series F round led by existing investors Norwest Venture Partners, Kedaara Capital and Caspian with support from new investors Evolvence India Fund III Ltd and Growth Catalyst Partners LLC. 

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