India's fintech startup CredAble raises $10M led by Singapore-based Equentia Natural Resources

CredAble, a Mumbai-based fintech startup, has secured $10 million in a new funding round led by Singapore-based Equentia Natural Resources. The funding comes after a 15-month hiatus, bringing its total raised capital to over $55 million since its inception in 2017, Entrackr reported. 

Financial growth and utilization of funds 

CredAble plans to allocate the raised capital towards meeting its working capital needs, supporting growth and expansion initiatives, and covering general corporate expenses. 

The startup claims to have more than doubled its operational revenue, reporting a 2.78X increase to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. However, this aggressive expansion strategy has also led to a significant increase in losses, which surged 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Expanding customer base and partnerships

With over 125 enterprise customers and more than 300,000 small business borrowers, CredAble has established itself as a key player in the working capital finance sector. The startup has also forged partnerships with over 35 large financial institutions. In 2023, It reported a 100% growth in working capital disbursement, totalling Rs 45,000 crore.

Raising additional funding 

CredAble is reportedly in discussions to raise an additional $50-70 million in its Series C funding round. The potential influx of capital is expected to further accelerate its growth trajectory and expand its footprint in the fintech sector.