CredAble, a Mumbai-based fintech startup, has announced the successful raising of INR 30 Cr (approximately $3.6 Mn) in debt funding from the Small Industries Development Bank of India (SIDBI). This funding round underscores CredAble’s commitment to extending affordable financing solutions to micro, small, and medium enterprises (MSMEs) as well as women-led businesses across India.
The fresh proceeds from the debt funding will be deployed towards scaling up CredAble’s operations and furthering its mission to provide accessible financing options to underserved segments of the market. By leveraging innovative financial solutions, CredAble aims to empower MSMEs and women entrepreneurs, enabling them to fuel their growth and expand their businesses.
This latest funding round follows CredAble‘s successful raise of $9 Mn (approximately INR 75.2 Cr) in 2022, which saw participation from Axis Bank and OAKS Asset Management. The infusion of capital in 2022 was aimed at accelerating CredAble’s growth trajectory and enhancing its ability to offer tailored credit solutions to SMEs and large enterprises.
CredAble’s focus on leveraging technology and strategic partnerships to address the financing needs of MSMEs and women-led businesses has positioned it as a key player in the fintech ecosystem. With a commitment to financial inclusion and empowerment, CredAble continues to play a vital role in driving economic growth and fostering entrepreneurship in India.
Overall, the INR 30 Cr debt funding represents a significant milestone for CredAble as it reinforces the company’s dedication to supporting the growth and success of MSMEs and women entrepreneurs. By expanding its financing solutions and strengthening its market presence, CredAble aims to create lasting impact and drive positive change in the Indian business landscape.
