Mumbai-based supply chain financing startup CredAble has reportedly closed a $15m Series A round of funding.
The round was led by investment management firm Alpha Capital, bringing its fundraising total to $2.5m. The capital will be used to expand its loan book to around $75m by FY 2019. It will also be used in new hiring and to build a robust technology backbone, said a company statement.
CEO Nirav Choksi said, ?CredAble will look to continue to expand within its current focus area, while developing value propositions across additional ecosystems 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.p>
CredAble combines technology, financing, deep learning, and analytics to create innovative supply chain financing products dynamically. Its Receivables Xchange (RX) platform for large companies helps their vendors gain instant access to working capital.
The startup claims to have so far enabled over Rs 108 crore in supply chain financing across 41,000 transactions helping over 9,000 vendors streamline their monthly working capital requirements.
Vishal Ootam, founder of Alpha Capital, added: ?We clearly believe that the supply chain financing platform (Credable) 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.p>
Earlier this week, Aye Finance, an India-based provider of loans to small businesses, has raised $21.5m through its Series C funding. The round was led by CapitalG, the venture capital fund owned by Alphabet, with participation form existing investors SAIF Partners and LGT. Online insurer company Acko General Insurance, which is also based in Mumbai, recently raised a $12m funding round led by Amazon.
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