Observing an upsurge in the demand for working capital and the digital transformation in the MSME ecosystem in India, UpScale by CredAble, a business super app, has gained 200,000+ businesses since its launch in November 2021. The business super app exhibits fast traction due to its simplified & completely digital application process in lending, trade facilitation, easy-to-use growth tools, and powerful business intelligence & analytics. UpScale by CredAble, with its unique solution of combining trade, credit, and payments to facilitate business growth, is empowering its customers and their businesses to be digitally able.
Catering to most of the trade, credit & payment challenges faced by the MSMEs and SMEs in the new digital world, Mr. Nirav Choksi, Co-founder & CEO, CredAble said, “In India, only 16 per cent of MSMEs have access to formal credit, thus creating a gap of USD 350 Billion. MSMEs in India are required to improve their finances and grow at a rapid scale swiftly. At CredAble we try our best to bridge the gap between the challenges faced by the MSMEs and their full potential. We happen to be at the cutting edge of molding the future of India Inc. We aim for inclusive growth for various small businesses by providing them with easy & digital access to lending, growth tools, cashflow management, payments, and trade infrastructure”.
In this pursuit, CredAble launched UpScale, a business super app in November last year. Unlike other business apps that focus either on payments or cash flow management, UpScale focuses on combining trade, credit, and payments to provide small businesses with a unique growth solution.
In addition, UpScale’s proprietary technology has analysed credit reports submitted by 700 lenders, bank statements transaction amount of INR 5,000 Cr, and over a million invoices amounting to a total of INR 10,000 Cr.+ to find the right borrower-lender-lending product match. An easy-to-use interface, a completely online application process without any paperwork, and a partnership with 10+ leading banks & NBFCs have enabled UpScale to provide lakhs of businesses digital access to formal credit.
In April, UpScale also launched a comprehensive growth tools suite for businesses for faster vendor verification that includes GST number verification, PAN number verification, GST to PAN number verification, and Bank Account verification among others.
In recent developments, UpScale added a unique GST verification super tool that further enhances the expansion and financial inclusion of Indian MSMEs and SMEs. The GST Super Search tool from UpScale is a comprehensive tool that quickly validates the GSTIN numbers of businesses or customers and provides users with unique features like GSTIN confirmation, PAN number verification linked to the GST number, and GST returns filing status. It also helps the customers to verify bank account numbers. Thus, allowing them to be aware of the current and exact background of the establishment they wish to do business with.
Commenting on achieving the milestone and the unique offerings of UpScale, Mr. Nitin Sharma, CPTO & MD (UpScale) at CredAble said, “We are extremely thrilled that in such a short time span we’ve been able to service more than 200,000 businesses by combining trade, credit, and payments for growth at scale. At the same time, users have provided us with the most relevant feedback in terms of their challenges and what could be the potential solution. This led us to come up with a unique feature like the GST Super Search Tool that authenticates the businesses they partner with, in only a couple of seconds. With GST verification, PAN number verification, and Bank Account verification happening with just ONE query, it saves businesses hundreds of hours of operational processes. The most unique thing about UpScale is that there is no other app in India that provides these services; nor are such details available easily on other portals.