CredAble, a working capital-focused fintech company in Asia, has raised Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI). This funding aims to scale up CredAble's operations and provide affordable financing solutions to micro, small, and medium enterprises (MSMEs) and women-led businesses in India.
CredAble serves over 350,000 businesses globally with its AI-powered technology platform, offering large-scale liquidity programs tailored to the unique needs of enterprises and their network of MSME suppliers. The platform facilitates more than USD 8 billion annually in working capital for Indian companies.
In a move to address underrepresentation in the startup ecosystem, CredAble recently allocated Rs 200 crore to support women-led enterprises, aiding over 50 businesses across India in the past 10 months.
Manu Prakash, MD and Head of Partnerships and FI Coverage at CredAble, commented on the funding, "The MSME sector is poised for significant growth over the next five years. From providing affordable financing to scaling up 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.”
