Equentia SCF Technologies Pvt. Ltd, which operates supply chain finance platform CredAble, on Thursday said it has secured $9 million (around Rs 67 crore) in a fresh round of funding from Axis Bank and existing investor Oaks Asset Management. Axis Bank will acquire a 5% stake in the startup.
The Mumbai-based startup will use the fresh capital to scale its growth plans.
Founded by Nirav Choksi and Ram Kewalramani in 2018, CredAble provides loans to enterprise supply chains using software-as-a-service (SaaS) user interface, eKYC, digital documentation and transaction management. The platform claims to host over 100 corporate customers, 300,000 small business borrowers and 30 large financial institutions and banks.
“Our focus for the next few quarters is to continue accelerating our growth in providing working capital solutions to our customers. 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,” said Ram Kewalramani, co-founder and managing director at CredAble.
Nirav Choksi, co-founder and chief executive officer at CredAble added that the 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.
“This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform,” said Vishal Ootam, CEO of Oaks Asset Management.
Meanwhile, Axis Bank is India’s third-largest private sector bank with sector coverage from SMEs, large and mid-corporates, agriculture and retail businesses.
It has operations across 4,700 domestic branches and 11,060 ATMs across the country as of 31 December 2021 with a network of 2,665 centers.
In October last, CredAble raised $30 million in a Series B funding round led by Plutus Wealth Management LLP and Oaks Asset Management.