CredAble raises $9 million in funding led by Axis Bank

Supply chain financing platform CredAble has raised $9 million led by private sector lender Axis Bank.Existing investor Oaks Asset Management also participated in the equity funding round. The company had picked up $30 million as part of its Series B fundraising in October last year, co-led by Plutus Management LLP and Oaks Asset Management.

According to the company, it will use the latest capital to accelerate growth. As part of the transaction, Axis Bank will acquire a little over 5% in the fintech startup, the lender said in a regulatory filing earlier this week. The acquisition is expected to be completed by September 30.

Founded in 2017, CredAble provides working capital to large, mid, emerging corporates, as well as micro, small and medium enterprises (MSMEs), and financial institutions.

“This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes,” said Nirav Choksi, cofounder and chief executive officer (CEO), CredAble.

“The incoming investors and CredAble are aligned in their vision of what CredAble has stood for and what it can accomplish in the foreseeable future,” Choksi added.

At present, CredAble’s platform hosts over 100 corporate customers, over 300,000 small business borrowers, and over 30 large financial institutions and banks, it said in a statement on Thursday.

“This investment is an important long-term step in helping CredAble fulfil its mission of building India’s largest working capital financing platform,” said Vishal Ootam, CEO, Oaks Asset Management.