Advertisement

Business

Updated on: Wednesday, October 20, 2021, 12:23 PM IST

CredAble raises $30 mn in Series B funding led by Plutus Wealth, Oaks Asset Management

CredAble Co-Founders: Ram Kewalramani, Nirav Choksi | CredAble

CredAble Co-Founders: Ram Kewalramani, Nirav Choksi | CredAble

Advertisement

CredAble, AI-Powered Technology Platfor, has raised $30 million as a part of their Series B fund raise. This was co-led by Plutus Wealth Management LLP and its associates and their existing investor Oaks Asset Management who decided to re-invest in CredAble.

The funds raised in this round will be used to enhance CredAble’s platform to innovate and penetrate deeper into the ecosystem, provide working capital solutions which are tailor-made for small businesses and to create innovative Debt Capital Market products for corporates and financial institutions.

Nirav Choksi, Co-founder & CEO, CredAble, said, “This fund raise enables us to address the working capital needs of our customers exponentially and add value to our financial institutional partners.”

Ram Kewalramani, Co-founder & Managing Director stated, “CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. More than 30 percent of the GDP is contributed by the small business ecosystem which is largely credit and growth-starved. Being a tech-first company, CredAble will use these funds to continue to build technology to enable straight-through processed working capital solutions and launch our SME Growth and Credit Platform which aims to create inclusive growth for small businesses by providing them with cash management, payment and credit tools that will enable small business owners to efficiently grow and manage their businesses.”

Vishal Ootam, Co-founder and CEO from Oaks Asset Management said, "What CredAble is doing is solve a huge problem by bringing in the entire unorganized vendor bases and suppliers and retailers into mainstream banking and finance. This will help them get access to institutional financing and also help them scale and meet with the pace of growth of their clients.”

Arpit Khandelwal, Managing Partner from Plutus Wealth Management LLP added, “CredAble is leveraging technology to solve the massive gap in working capital financing, which makes it highly scalable and inclusive platform.”

CredAble had last raised capital through a bridge fund round in October 2020. By executing the Series B Funding, the accumulative funds raised so far reaches approximately $40 million.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Wednesday, October 20, 2021, 12:23 PM IST
Advertisement