CredAble Receives INR 30 Cr from SIDBI to Support MSMEs and Women-Led Businesses The Axis Bank-backed lender aims to use the funding to expand its operations and bridge the funding gap for MSMEs and women-led enterprises.
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Working capital fintech platform CredAble has announced the raising of INR 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI) to scale up its operations and support MSMEs and women-led businesses in India.
As per the official release, in addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women.
Manu Prakash, MD and Head, Partnerships and FI Coverage, said, "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."
The Mumbai-based platform recently allocated INR 200 crore to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months.
Established in March 2017 by Nirav Choksi and Ram Kewalramani, CredAble is a working capital technology platform that disbursed over USD 8 billion annually in working capital for large, mid, and emerging corporates, MSMEs, and financial institutions.
The platform claims to host over 125 corporate customers, over 3,50,000 small business borrowers, and over 35 large financial institutions and banks.
