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Last Updated : Oct 28, 2020 07:46 PM IST | Source: Moneycontrol.com

CredAble gets $4.5 million from existing investors

Founded in 2017 by Nirav Choksi and Ram Kewalramani, the Mumbai-based firm said that it wants to use the funds for growth and to capitalise its own non-banking finance company.

Supply chain finance startup CredAble has raised $4.5 million from its founders and existing investors, the company said in a press note on October 28. Oaks Asset Management and V’Ocean Investments participated in the round.

Founded in 2017 by Nirav Choksi and Ram Kewalramani, the Mumbai-based firm said that it wants to use the funds for growth and to capitalise its own non-banking finance company (NBFC).

"We have enabled over Rs 2,500 crore in vendor and dealer/distributor financing over the Covid period. This interim fund-raise will further boost disbursements given the varied opportunities that we currently have," said Choksi.

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CredAble enables the borrowers on its platform to get access to liquidity on a pre- and post-invoice basis. Its proprietary platform enables working capital based on purchase order, goods receipt notes and proof of delivery on a post-invoice basis.

The startup had last raised $14.8 million in 2018 in its Series A round from Alpha Capital, a private equity investment firm situated in Mumbai. This fund raise takes the total funding raised close to $20 million.
First Published on Oct 28, 2020 07:45 pm
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