The Indian Supply chain financing platform CredAble raised $9 million, led by private lender Axis Bank. Existing investor Oaks Asset Management also participated in the funding round. The company raised $30 million last October as part of its Series B financing, which was co-led by Plutus Management LLP and Oaks Asset Management.
As part of the transaction, Axis Bank will acquire over 5% of the fintech startup. The lender said in a regulatory filing earlier this week. The acquisition is expected to be completed by September 30. Founded in 2017, CredAble provides working capital to large, medium, emerging enterprises, micro, small and medium enterprises (MSMEs), and financial institutions.
“This direct investment by Axis Bank and continued support from existing investors validates CredAble’s journey to date in helping India solve its working capital challenges,” said Nirav Choksi. “The new investors and CredAble are aligned in their vision of what CredAble stands for and what it can achieve in the foreseeable future,” Choksi added.
Currently, CredAble’s platform hosts more than 100 corporate clients, more than 300,000 small business borrowers and more than 30 large financial institutions and banks, the company said in a statement Thursday. “This investment is an important long-term step to help CredAble fulfil its mission of becoming India’s largest working capital finance platform,” stated Vishal Ootam, CEO of Oaks Asset Management.
