Indian fintech firm cashes in $30m in series B money

India-based fintech startup CredAble has raised US$30 million as part of its series B fundraise. Existing investor Oaks Asset Management co-led the round with financial advisory firm Plutus Wealth Management and its associates.

CredAble co-founders Ram Kewalramani (left) and Nirav Choksi / Photo credit: CredAble

The startup will use the funds to develop working capital solutions tailor-made for small businesses and to build debt capital market products for corporates and financial institutions.

Founded in 2017, CredAble enables working capital financing across enterprise ecosystems using technology, digital know your customer and onboarding processes, enterprise resource planning, and bank integrations. Its solutions are used by corporates across Asia.

Last month, the startup disbursed US$467 million to more than 100,000 small businesses. It foresees disbursing an even larger amount in the coming months.

While India’s small business ecosystem contributes more than 30% of the country’s gross domestic product, CredAble says that most of these companies are 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,” said Nirav Choksi, co-founder and CEO of CredAble.