CredAble's Remarkable Journey in the Fintech Landscape: A Story of Growth and Empowerment
June 14, 2024, 3:36 pm
Location: India, Maharashtra, Mumbai
Employees: 51-200
Founded date: 2017
Total raised: $8.11M
In the fast-paced world of fintech, CredAble has emerged as a shining star, securing Rs 30 crore in debt funding from SIDBI to fuel its expansion and support MSMEs and women-led businesses in India. Founded in 2017 by the visionary duo of Nirav Choksi and Ram Kewalramani, CredAble has set out to revolutionize the way businesses access financing, going beyond traditional banking norms.
With a strong focus on providing working capital solutions to financial institutions, MSMEs, and corporates of all sizes, CredAble has built a robust infrastructure that digitizes corporate-led financing and underwriting processes. This innovative approach has attracted over 125 corporate clients, more than 3,50,000 small business borrowers, and over 35 major banks and financial institutions to its platform.
The recent funding round led by Equentia Natural Resources injected $10 million into CredAble's operations, bringing its total raised funds to nearly $60 million. While the company's operating revenue saw a significant increase from Rs 4.92 crore in FY22 to Rs 13.94 crore in FY23, its losses also grew as a result of its growth-oriented strategies, reaching Rs 22.40 crore in FY23.
Despite the financial challenges, CredAble remains committed to its mission of empowering women-led businesses, allocating Rs 200 crore to support over fifty such enterprises across India. This dedication to fostering diversity and inclusion in the business world sets CredAble apart as a socially responsible fintech player.
Looking ahead, CredAble plans to expand its product lines and extend its financing scope to reach a wider portfolio of businesses, including those led by women. With a strong foundation and a clear vision for the future, CredAble is poised to make a lasting impact in the fintech landscape, driving growth and empowerment for businesses across India.
With a strong focus on providing working capital solutions to financial institutions, MSMEs, and corporates of all sizes, CredAble has built a robust infrastructure that digitizes corporate-led financing and underwriting processes. This innovative approach has attracted over 125 corporate clients, more than 3,50,000 small business borrowers, and over 35 major banks and financial institutions to its platform.
The recent funding round led by Equentia Natural Resources injected $10 million into CredAble's operations, bringing its total raised funds to nearly $60 million. While the company's operating revenue saw a significant increase from Rs 4.92 crore in FY22 to Rs 13.94 crore in FY23, its losses also grew as a result of its growth-oriented strategies, reaching Rs 22.40 crore in FY23.
Despite the financial challenges, CredAble remains committed to its mission of empowering women-led businesses, allocating Rs 200 crore to support over fifty such enterprises across India. This dedication to fostering diversity and inclusion in the business world sets CredAble apart as a socially responsible fintech player.
Looking ahead, CredAble plans to expand its product lines and extend its financing scope to reach a wider portfolio of businesses, including those led by women. With a strong foundation and a clear vision for the future, CredAble is poised to make a lasting impact in the fintech landscape, driving growth and empowerment for businesses across India.