– A start-up that aims to transform supply chain financing with its Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions to vendors of blue-chip corporates
– It is a lending platform that combines technology, financing, deep learning and analytics to create innovative financing products dynamically
– With this infusion, CredAble targets to expand its loan book to 500 Crores by FY 2019
CredAble, a Mumbai based start-up that is rapidly transforming supply chain finance, today has announced its Series A funding of Rs.100 Croresby Alpha Capital. The start-up will be primarily deploying these funds to expand the company’s loan book and to accelerate its growth plans, by looking at new hiring and building a robust technology backbone.
CredAble has so far enabled over INR 108 crores in supply chain financing across 41,000 transactions that has helped over 9,000 vendors streamline their monthly working capital requirements. With its proprietary Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions, CredAble has a corporate mission to triple the available working capital in India over the next 5 years.
CredAble collaborates with leading blue-chip corporates to provide innovative digital vendor financing solutions that enable their vendors gain instant access to working capital and drives significant EBIDTA margin enhancements to the corporate in the process. The company’s RX platform gives vendors access to hassle-free early payment for their receivables in exchange for a trade discount, and enables banks and other financial institutions to bid for payables and lend to the vendors. Thereby, enabling best price discovery that lowers cost of funds significantly.
Speaking on this occasion, Nirav Choksi, Co-Founder & CEO CredAble said, “We are very excited to have been funded by Alpha Capital, who specialize in investing in passionate and established entrepreneur led businesses. CredAble will look to continue to expand within its current focus area, while developing value propositions across additional eco systems such as manufacturing, etc. The Company also intends to develop additional products to further enhance the supply chain financing space. CredAble will also look at international markets in the long term.”
Commenting on the investment into CredAble, Mr. Vishal Ootam, founder of Alpha Capital, said,” We are very excited about our partnership with CredAble. We clearly believe that the Supply Chain Financing platform is poised for exponential growth. Nirav, Ram and their team bring a very unique combination of operating expertise and structured finance experience to the table that will enable them to build an extremely valuable business”.
Through its continued endeavours of providing better supply chain financing solutions, CredAble hopes to have many more corporates improve their liquidity position & strengthen their balance sheets.