Supply chain finance Start-up CredAble Raises Rs. 100 Crores as Series
A start-up that aims to transform supply chain financing with its Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions to vendors of blue-chip corporates
- It is a lending platformthat combines technology, financing, deep learning and analytics to createinnovative financing products dynamically
- With this infusion,CredAble targets to expand its loan book to 500 Crores by FY 2019
Mumbai, June 12th, 2018: CredAble, aMumbai based start-up that is rapidly transforming supply chain finance, today hasannounced its Series A funding of Rs.100 Crores by AlphaCapital. The start-up will be primarily deploying these funds toexpand the company’s loan book and to accelerate its growth plans, by looking atnew hiring and building a robust technology backbone.
CredAble has so far enabled over INR 108 crores in supply chainfinancing across 41,000 transactions that has helped over 9,000 vendorsstreamline their monthly working capital requirements. With its proprietaryReceivables Xchange (RX) platform and ‘just-in-time’ working capital financingsolutions, CredAblehas a corporate mission to triple the available working capital in India overthe next 5 years.
CredAble collaborates with leading blue-chip corporates to provideinnovative digital vendor financing solutions that enable their vendors gaininstant access to working capital and drives significant EBIDTA marginenhancements to the corporate in the process. The company’s RX platform givesvendors access to hassle-free early payment for their receivables in exchangefor a trade discount, and enables banks and other financial institutions to bidfor payables and lend to the vendors. Thereby, enabling best price discoverythat lowers cost of funds significantly.
Speaking on this occasion, Nirav Choksi, Co-Founder & CEOCredAble said, “We are very excited to have been funded by Alpha Capital, whospecialize in investing in passionate and established entrepreneur ledbusinesses. CredAble will look to continue to expand within its current focus area,while developing value propositions across additional eco systems such asmanufacturing, etc. The Company also intends to develop additional products tofurther enhance the supply chain financing space. CredAble will also look atinternational markets in the long term.”
Commentingon the investment into CredAble, Mr. Vishal Ootam, founder of AlphaCapital, said," We are very excited about our partnership withCredAble. We clearly believe that the Supply Chain Financing platform is poisedfor exponential growth. Nirav, Ram and their team bring a very uniquecombination of operating expertise and structured finance experience to thetable that will enable them to build an extremely valuable business".
Throughits continued endeavours of providing better supply chain financing solutions,CredAble hopes to have many more corporates improve their liquidity position& strengthen their balance sheets.