April 19, 2024

CredAble: Revolutionizing Fintech with $10M Funding Boost

CredAble fintech funding: Empowering India's fintech landscape

India’s fintech ecosystem continues to witness remarkable growth, with startups like CredAble securing substantial investments. In this article, we delve into the recent funding round where CredAble, a Mumbai-based fintech startup, raised $10 million led by Singapore-based Equentia Natural Resources.

The Funding Round:
CredAble recently concluded a funding round, securing $10 million in investment led by Equentia Natural Resources. This investment marks a significant milestone for the startup, especially considering the challenges posed by the economic landscape.

Financial Growth and Utilization of Funds:
The newly acquired capital will be strategically utilized by CredAble to address various operational needs and support its growth trajectory. A substantial portion of the funds will be allocated towards meeting working capital requirements, facilitating expansion initiatives, and covering general corporate expenses.

Operational Performance:
CredAble has exhibited impressive operational performance, reporting a notable increase in revenue. In the fiscal year 2023, the company witnessed a substantial growth of 2.78 times, with operational revenue soaring to Rs 13.94 crore from Rs 4.92 crore in FY22. However, this aggressive expansion strategy has also resulted in increased losses, which surged to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.

Expanding Customer Base and Partnerships:
With a robust clientele comprising over 125 enterprise customers and more than 300,000 small business borrowers, CredAble has established itself as a prominent player in the working capital finance sector. The startup has also cultivated partnerships with more than 35 leading financial institutions, further enhancing its market presence. Notably, CredAble recorded a significant milestone in 2023, achieving a 100% growth in working capital disbursement, amounting to Rs 45,000 crore.

Future Funding Prospects:
In addition to the recent funding round, CredAble is actively exploring opportunities to raise additional capital. Discussions are underway for a Series C funding round, with the startup aiming to secure an additional $50-70 million. This influx of funds is anticipated to fuel CredAble’s growth trajectory and consolidate its position in the fintech landscape.

CredAble’s latest funding round underscores the resilience and potential of India’s fintech ecosystem. With strategic utilization of funds and a robust operational framework, the startup is poised for continued growth and innovation in the evolving financial landscape.

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