India’s CredAble, a Mumbai-based supply chain finance (SCF) start-up has raised 100 crore INR – equivalent to nearly $15m – in a Series A funding round from private equity firm Alpha Capital. One crore INR represents 10 million rupees (INR).
CredAble plans to use the funding to expand its loan book and to accelerate its growth plans through new hires and improving its technology. The company collaborates with leading blue-chip corporates to provide innovative digital vendor financing solutions that enable their vendors to receive early payments against their approved invoices without waiting for between 45 to 90 days.
CredAble focuses on small and medium-sized enterprises (SMEs) in the logistics and packaging sectors and reports that it has already provided a total of INR 108 crore in SCT via 41,000 transactions to over 9,000 vendors.
The company is known for its proprietary Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions. CredAble has set a target to triple the available working capital in India over the next five years.
“We are very excited to have been funded by Alpha Capital, who specialise in investing in passionate and established entrepreneur-led businesses,” said CredAble’s co-founder and CEO, Nirav Choksi.
“CredAble will look to continue to expand within its current focus area, while developing value propositions across additional eco systems such as manufacturing. The company intends to develop additional products to further enhance the SCF space and will also look at international markets in the long term.”