Mumbai-based fintech startup CredAble raises $10M in a recent funding round led by Singapore-based Equentia Natural Resources. This funding marks a significant milestone for CredAble, following a 15-month hiatus, and brings its total raised capital to over $55 million since its establishment in 2017, as reported by Entrackr.
CredAble $10M capital will be strategically allocated to meet its working capital needs, support its growth and expansion initiatives, and cover general corporate expenses. Despite facing a challenging economic landscape.
CredAble has managed to more than double its operational revenue, witnessing a remarkable 2.78X increase to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. However, this aggressive expansion strategy has also resulted in a significant uptick in losses, surging 3.37X to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
With a focus on expanding its customer base and forging strategic partnerships, CredAble has emerged as a key player in the working capital finance sector. The startup boasts over 125 enterprise customers and serves more than 300,000 small business borrowers.
Additionally, CredAble has established partnerships with over 35 large financial institutions, further solidifying its position in the market. In 2023 alone, CredAble reported a remarkable 100% growth in working capital disbursement, amounting to Rs 45,000 crore.
Looking ahead, CredAble is actively engaged in discussions to raise an additional $50-70 million in its Series C funding round. This potential influx of capital is poised to fuel CredAble’s growth trajectory, enabling it to expand its footprint in the fintech sector and continue providing innovative financial solutions to its clients and partners.
