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Fintech Startup CredAble Secures $10 Million in Fresh Funding

New Delhi: CredAble, a fintech startup based in Mumbai, has successfully raised $10 million in a new funding round from Equentia Natural Resources, a Singapore-based investor. This investment marks CredAble’s return to fundraising after a 15-month hiatus.

According to regulatory filings sourced from the Registrar of Companies, CredAble issued 11,963 preference shares in November 2023 at a price of Rs 69,384 each, raising a total of Rs 83 crore or $10 million. The company plans to allocate these funds towards meeting working capital needs, fueling growth initiatives, and supporting general corporate operations.

Since its inception in 2017, CredAble has garnered over $55 million in funding, including a previous round of $9 million in August 2022 led by Axis Bank, a private sector lender, and Oaks Assets Management. Post-allotment, TheKredible estimates value the company at $177 million.

Specializing in providing working capital solutions to a wide range of businesses, including large corporations, mid-sized enterprises, and MSMEs, CredAble boasts a customer base of over 125 enterprises and more than 300,000 small business borrowers. Additionally, the company has established partnerships with over 35 major financial institutions.

Reports suggest that CredAble facilitated Rs 45,000 crore in working capital disbursements in the calendar year 2023, reflecting a 100% increase from the previous year. Currently, the company is reportedly engaged in discussions to raise between $50 million to $70 million in its Series C funding round.

Despite robust revenue growth, which surged 2.78 times to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22, CredAble witnessed a significant rise in losses, increasing 3.37 times to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22, as it continues to prioritize expansion and development.

Tags: Startup