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Fintech firm CredAble raises Rs 30Cr in debt from SIDBI to support MSMEs, women-led businesses

ISN Team
New Update

Fintech firm CredAble has raised Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI).

The firm plans to use the raised debt to scale up its operations and provide affordable financing solutions to Micro, Small, and Medium Enterprises (MSMEs) and women-led businesses in India. 

What does CredAble do?

Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble is dedicated to providing working capital solutions to a wide range of clients, including large, mid-sized, and emerging corporates, as well as MSMEs and financial institutions.


The company's mission extends beyond traditional banking and loan products, focusing on digitizing corporate-led financing and underwriting needs through its comprehensive working capital infrastructure.

How has CredAble supported women-led enterprises?

CredAble has shown significant commitment to supporting women-led enterprises.

Recently, the firm allocated Rs 200 crore to back these businesses, supporting over 50 women-led enterprises across India in a span of 10 months. This initiative is part of CredAble's broader strategy to expand its product lines and financing scope to include a more diverse portfolio of businesses.

CredAble growth

CredAble's platform currently hosts over 125 corporate customers, more than 3,50,000 small business borrowers, and over 35 large financial institutions and banks.

The firm claims that it disburses over $8 billion annually in working capital for its diverse clientele. In March, CredAble raised $10 million from Singapore-based Equentia Natural Resources, adding to a total of nearly $60 million raised to date.

CredAble uses adaptive AI/ML algorithms and has developed a risk-management platform to support its underwriting processes.

According to Manu Prakash, MD and Head of Partnerships & FI Coverage, "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."

How well CredAble is performing financially?

CredAble has experienced significant growth in recent years. Its revenue from operations increased 2.78 times, reaching Rs 13.94 crore in FY23, up from Rs 4.92 crore in FY22.

However, the firm also saw its losses surge 3.37 times to Rs 22.40 crore in FY23, compared to Rs 6.53 crore in FY22.