Fintech startup CredAble has secured $10 million in a recent financing round from Singapore’s Equentia Natural Resources, marking its first funding after a 15-month hiatus. The Mumbai-based firm resolved to allot 11,963 preference shares at a price of Rs 69,384 each in November 2023, aggregating to Rs 83 crore (approximately $10 million), according to a regulatory document from the Registrar of Companies.
The new funds are earmarked for working capital needs, growth and expansion efforts, and general corporate purposes, the filings indicated.
To date, CredAble has amassed over $55 million in funding, including a $9 million round in August 2022, led by Axis Bank and Oaks Assets Management. Post the latest funding, TheKredible’s analysis values the company at $177 million.
Since its inception in 2017, CredAble has been offering working capital solutions to a broad spectrum of corporates ranging from large to emerging, including micro, small, and medium enterprises (MSMEs), and financial institutions.
Per the company’s website, it boasts over 125 enterprise clients and aids more than 300,000 small businesses. It has also forged partnerships with over 35 prominent financial institutions. In 2023, CredAble reported a disbursement of Rs 45,000 crore in working capital, doubling its performance from the previous year (FY22).
Furthermore, CredAble is currently engaging in discussions to raise between $50 and $70 million in a Series C funding round.
The company’s operational revenue saw a substantial increase, growing 2.78 times to Rs 13.94 crore in FY23 from Rs 4.92 crore in FY22. However, in alignment with its aggressive growth strategy, the company’s losses expanded 3.37 times to Rs 22.40 crore in FY23 from Rs 6.53 crore in FY22.
