Mumbai-based supply chain finance firm CredAble has raised $4.5 million (Rs 33 crore) in a follow-on round, according to a company statement.
The firm has received funding from founders and existing investors Oaks Asset Management (erstwhile Alpha Capital) and V’Ocean Investment.
CredAble last raised $14.8 million funding in 2018 for its Series A round from Alpha Capital, a private equity investment firm situated in Mumbai.
The latest round takes the total funding raised close to $20 million.
The latest funds are going to be utilized for growth and further capitalizing CredAble's own non-banking financial company, the firm said in the statement.
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.
CEO Choksi said, “CredAble has seen an unprecedented scale-up in the disbursements we are enabling on our various platforms over the last 6 months. We have enabled over Rs 2,500 crore in vendor and dealer/distributor financing during the COVID period. This interim fundraise will further boost disbursements given the varied opportunities that we currently have.”
The company leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programmes.
Operations chief Kewalramani said, “CredAble is innovating working capital in India by enabling borrowers on its platform to get access to liquidity on a pre and post-invoice basis. CredAble’s proprietary platform enables working capital-basis purchase order, goods receipt note, proof of delivery and post-invoice basis, thereby truly innovating supply chain financing in India.”
On Wednesday, another SME lender Jaipur-based Finova Capital Pvt Ltd said it had raised $35 million (about Rs 260 crore) from existing venture capital investors Sequoia Capital India and Faering Capital.