CredAble, a Mumbai-based fintech player that combines technology, financing, deep learning and analytics to create innovative financing products, today has announced its Series-A funding of Rs100 Crores by Alpha Capital.
With this infusion, the Mumbai-based lending platform targets to expand its loan book to 500 Crores by FY 2019.
Speaking on the occasion, Nirav Choksi, Co-Founder & CEO CredAble said, “We are very excited to have been funded by Alpha Capital, who specialises 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 ecosystems such as manufacturing, etc. The Company also intends to develop additional products to further enhance the supply chain financing space.”
The start-up will be primarily deploying these funds to expand company’s loan book and to accelerate its growth plans, by looking at new hiring and building a robust technology backbone.
CredAble collaborates with leading blue-chip corporates to provide innovative digital vendor financing solutions. Its proprietary Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions, is said to enable leading corporates enhance EBITDA margins, while providing vendors with easy access to working capital.
It has so far enabled over Rs 108 crores in supply chain financing across 41,000 transactions that have helped over 9,000 vendors streamline their monthly working capital requirements, says the fintech player.