In a move aimed at fostering financial inclusion and empowerment, Mumbai-based fintech startup CredAble has successfully raised INR 30 Cr (approximately $3.6 Mn) in debt funding from the Small Industries Development Bank of India (SIDBI). This funding infusion reflects CredAble’s commitment to extending affordable financing solutions to micro, small, and medium enterprises (MSMEs) as well as women-led businesses across India.
Fueling Growth: Deployment of Fresh Capital
CredAble plans to leverage the newly raised capital to scale up its operations and develop innovative financing solutions tailored to the specific needs of MSMEs and women entrepreneurs. With a focus on expanding its market reach and enhancing its product offerings, the company aims to address the evolving financial requirements of its diverse customer base.
Empowering Businesses: Focus on MSMEs and Women-Led Ventures
Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble has emerged as a trusted partner for businesses seeking financial growth solutions. By extending support to over 350,000 businesses globally, the company has played a pivotal role in driving the growth and sustainability of MSMEs and women-led ventures.
Strategic Vision: Strengthening the Ecosystem
Manu Prakash, Managing Director and Head of Partnerships and FI Coverage at CredAble, emphasized the pivotal role of the MSME sector in driving economic growth. He expressed the company’s unwavering commitment to meeting the evolving needs of small and medium-sized businesses by providing accessible and affordable financing solutions. The latest capital infusion from SIDBI is poised to further strengthen CredAble’s mission of empowering the MSME sector and fostering the growth of women-led businesses.
Previous Endeavors: Stepping Stones to Success
This latest funding round adds to CredAble’s successful fundraising endeavors. In 2022, the company raised $9 Mn (approximately INR 75.2 Cr) from Axis Bank and OAKS Asset Management, signaling its intent to accelerate growth and expand its suite of credit solutions for SMEs and large enterprises.
Industry Dynamics: Fintech Innovation and Financial Inclusion
CredAble’s funding announcement comes amid a burgeoning fintech landscape characterized by innovative solutions aimed at promoting financial inclusion and empowerment. As demonstrated by other recent funding rounds in the industry, such as Ola Electric’s debt raise and Smartworks’ fresh funding round, there is a growing recognition of the pivotal role played by fintech startups in driving economic growth and fostering entrepreneurship.
Conclusion: Advancing Financial Empowerment
CredAble’s latest funding milestone underscores its unwavering commitment to advancing financial empowerment and inclusivity in India’s business ecosystem. With a strategic focus on MSMEs and women-led ventures, the company is poised to catalyze sustainable growth and drive positive socio-economic impact across the country.
