Supply chain finance platform CredAble has raised $9 million in a fresh funding round from Axis Bank. Existing investor Oaks Asset Management also participated in the funding round.
Post funding, Axis Bank will acquire a 5% stake in the startup. The funding will be used to scale its growth plans.
Founded by Nirav Choksi and Ram Kewalramani in 2018, CredAble provides loans to enterprise supply chains using software-as-a-service (SaaS) user interface, eKYC, digital documentation and transaction management.
“Our focus for the next few quarters is to continue accelerating our growth in providing working capital solutions to our customers. This investment will also help expand our BAAS solutions in global markets as well as to penetrate deeper into the SME ecosystem in India through our UpScale platform,” said Ram Kewalramani, co-founder and managing director at CredAble.
Nirav Choksi, co-founder and chief executive officer at CredAble added that the direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes.
“This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform,” said Vishal Ootam, CEO of Oaks Asset Management.
In October 2021, CredAble raised $30 million in a Series B funding round led by Plutus Wealth Management LLP and Oaks Asset Management.
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