CredAble bags $3.5m from SIDBI to finance India’s MSMEs & Women-Led enterprises
By Gloria Mathias
CredAble, one of Asia’s working capital-focused FinTech companies, has raised $3.5 million (INR 30 crore) in debt funding from SIDBI to scale up their operations and extend affordable financing solutions to MSMEs and women-led businesses in India.
By providing holistic financial growth solutions, CredAble is shaping the working capital financing space and catering to the needs of a growing base of 3,50,000+ businesses globally. The company’s AI-powered technology platform offers built-to-suit, large-scale liquidity programs tailored to the unique needs of enterprises and their network of MSME suppliers, enabling more than $8 billion annually in working capital for India Inc.
FinTech is renowned for its innovative approach to working capital financing, particularly its use of sophisticated advanced analytics, adaptive AI/ML algorithms, and a robust risk-management platform.
Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs. CredAble has been stepping up its fight against underrepresentation in the startup ecosystem. In addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women. The company recently dedicated INR 200 crore to support women-led enterprises and has supported more than 50 such businesses across India over 10 months.
Commenting on CredAble’s latest funding from SIDBI, Manu Prakash, MD and Head of Partnerships & FI Coverage, said, “The MSME sector is touted for significant growth over the next five years. From providing affordable financing to scaling up their operations, we’re focused on meeting the growing demands of small and medium-sized businesses. This latest injection of capital from SIDBI will further bolster our efforts to strengthen the MSME sector and women-led businesses.”
The funding from SIDBI is a testament to CredAble’s performance in enabling last-mile credit delivery to MSMEs. It will further accelerate the development of new market-leading financing solutions for its global customer base.
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