CredAble Gets SIDBI Backing to Support MSMEs & Women-Led Businesses

CredAble, a leading Indian FinTech startup focused on working capital solutions, has secured INR 30 Cr. in debt funding from the Small Industries Development Bank of India (SIDBI). This funding will be used to expand CredAble's operations and provide greater access to affordable financing for micro, small and medium enterprises (MSMEs) and women-led businesses in India.

CredAble Funding

CredAble's award-winning AI-powered platform offers customizable financing solutions tailored to the specific needs of businesses and their MSME suppliers. This has enabled the company to facilitate over USD 8 billion annually in working capital for Indian businesses. The company is known for its innovative approach which leverages advanced analytics, AI/ML algorithms, and a robust risk management platform to provide financing solutions beyond traditional banking products. CredAble has built a comprehensive working capital infrastructure that digitizes corporate-led financing and underwriting processes.

In addition to expanding its product offerings for MSMEs, CredAble is committed to increasing its support for women-led businesses. The company recently allocated INR 200 Cr. specifically for financing women-led enterprises and has already supported over 50 such businesses across India in the past 10 months.

"The MSME sector is expected to experience significant growth in the next five years. We're committed to addressing the growing demands of small and medium-sized businesses by providing affordable financing and helping them scale up their operations. This latest injection of capital from SIDBI will further our efforts to strengthen the MSME sector and empower women-led businesses."

SIDBI Supports CredAble

The funding from SIDBI highlights CredAble's achievements in facilitating access to credit for MSMEs. These funds will allow CredAble to develop new and innovative financing solutions for its global customer base.

Established in 2017, CredAble is India's largest working capital technology platform. The company facilitates over USD 8 billion annually in working capital for a diverse clientele including large corporations, mid-sized and emerging businesses, MSMEs, and financial institutions. CredAble's platform connects over 125 corporate customers, more than 350,000 small business borrowers, and over 35 large financial institutions and banks.

The company leverages in-house technology, expertise in big data analytics and trade finance, and partnerships with capital providers to be a leader in the working capital space. CredAble has witnessed over 500% year-on-year growth. Backed by prominent investors, CredAble was granted an NBFC (Non-Banking Financial Company) license by the RBI in 2019. The company offers post-invoice discounting and a variety of other working capital financing products. CredAble has received numerous recognitions for its achievements, including Company of the Year for Best Multi-Cloud Adoption and Best Digital Platform at the Bharat Fintech Summit 2024, Product Innovation of the Year at the SME Finance Forum 2023, and Fintech Startup of the Year 2022 at The Asset Triple A Digital Awards. The company was also awarded the Best Banking Tech of the Year at the Asia Fintech Award 2022.