Supply chain finance startup CredAble today said it has raised Rs 100 crore in series A funding from Alpha Capital.
The funds, which are a mix of equity and debt, will be primarily used to expand the company’s loan book and to accelerate growth plans, hiring and building a robust technology backbone, CredAble co-founder and CEO Nirav Choksi told PTI.
He added that the company has enabled over Rs 108 crore in supply chain financing across 41,000 transactions so far that has helped over 9,000 vendors streamline their monthly working capital requirements.
While Choksi declined to comment on the valuation of the company, he said the Rs 100 crore financing included Rs 25 crore in equity and the rest is debt funding.
The company offers Receivables Xchange (RX) platform and ‘just-in-time’ working capital financing solutions.
It also collaborates with large corporates to provide digital vendor financing solutions that enable their vendors gain instant access to working capital.
The team is backed by entrepreneurs like Mohandas Pai (Infosys ex-CFO), Sat Pal Khattar (Khattar Wong, Singapore), Darshan Patel (Vini Cosmetics), and Ranjan Pai (Manipal Group).
“We will look to continue to expand within our current focus area (like logistics), while developing value propositions across additional eco systems like manufacturing and product suppliers. We also want to develop additional products to further enhance the supply chain financing space,” Choksi said.
He added the company is looking at an outstanding loan book of Rs 500 crore in the next 12 months and disbursing about Rs 1,500 crore in financing.
Besides, CredAble has also applied for an NBFC licence, which it expects to receive in a month.
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