CredAble has received fresh funding of USD 9 million via an equity infusion from Axis Bank, India’s third largest private sector bank, and its existing investor OAKS Asset Management. The investment will be used to accelerate its growth plans.
Over the years, CredAble has built India’s largest working capital platform, by creating a robust fintech infrastructure, catering to all participants of corporate India including large enterprises, mid and emerging corporates, MSMEs, and financial institutions. This investment reiterates CredAble’s commitment towards empowering small businesses and becoming the preferred working capital solution provider to its growing list of enterprise customers and financial institution alliances, many of which are long-standing relationships.
Catering to the working capital and credit challenges faced by SMEs in the new digital world, Mr. Nirav Choksi, Co-founder & CEO, CredAble said, “This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes. The incoming investors and CredAble are aligned in their vision of what CredAble has stood for and what it can accomplish in the foreseeable future.”
Adding to the statement, Mr. Vishal Ootam, CEO OAKS Asset Management said, “This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform.”
The equity investment reaffirms CredAble’s leadership position in empowering India Inc. through its award-winning digital working capital infrastructure solutions.
Commenting on the announcement, Mr. Ram Kewalramani, Co-founder & Managing Director, CredAble stated, “Our focus for the next few quarters is to continue accelerating our growth in providing working capital solutions to our customers and to be a strategically important partner to our financial institution participants. This investment will also help expand our BAAS solutions in global markets as well as to penetrate deeper into the SME ecosystem in India through our UpScale platform”
The transaction endorses the value of Fintech and Bank partnerships and their collaborative efforts to create world-class customer experiences that solve real credit and business needs for India Inc.