CreditEnable Ltd, a technology-backed marketplace for credit for small and medium enterprises, has raised capital from Aditya Ghosh, the former president of low-cost airlines IndiGo.
As part of a transaction, Ghosh will join as a member of the firm’s Global Advisory Board, CreditEnable said in a statement. It didn’t disclose the amount it raised.
Nadia Sood, founder at CreditEnable, said Ghosh’s strategic business thinking and deep-rooted social conscience would help the company’s board to ramp up its activities.
Separately, Ghosh said he was confident in his investment because of CreditEnable’s model, which is well suited to help small and medium companies manage their finances and evaluate their business strategies.
Set up in 2017 by Nadia Sood, United Kingdom- and India-based CreditEnable operates a marketplace for SME finance, with a focus on providing lenders and borrowers with reduced risks and transaction costs.
The company says its platform is backed by predictive analytics, artificial intelligence and machine learning. Currently, its domestic marketplace is catering to over 20 lenders with over $70 billion on their books.
Other members of CreditEnable’s board include former executives of groups such as Tata Sons, Citi India, S&P, Barclays, HSBC and JP Morgan.
Apart from CreditEnable, Ghosh is also a member of the advisory board of hospitality platform OYO Hotels & Homes.
A lawyer by training, Ghosh initially began his association with IndiGo as a general counsel before taking on duties as president and member of its board. He resigned from his position in April 2018, after spending ten years at the budget carrier.
He is also a member of Fireside Ventures’ advisory board. The VC firm, which marked the final close of its debut fund at $52 million in March 2018, invests in early-stage consumer brands. Some of the companies in Fireside’s portfolio include Vahdam Teas, Samosa Singh and Yogabar.