CredAble secures INR300m from SIDBI to facilitate financing for India-based women-led businesses image credit shutterstock

Working capital-focused fintech, CredAble, has raised INR300m ($3.6m) in debt funding from SIDBI to extend affordable financing solutions to MSMEs and women-led businesses in India.

By providing holistic financial growth solutions, CredAble says that it is at the forefront of shaping the working capital financing space.

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The company’s AI-powered technology platform offers built-to-suit, large-scale liquidity programmes tailored to the unique needs of enterprises and their network of MSME suppliers.

Beyond traditional banking and loan products, the company has built a comprehensive working capital infrastructure for digitising corporate-led financing and underwriting needs.

In addition to expanding its product lines for MSMEs and scaling up its operations, CredAble plans to extend its financing scope to a wider portfolio of businesses, including those led by women.

The company recently dedicated INR2bn to back women-led enterprises and has supported more than 50 such businesses across India over the course of 10 months.

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Manu Prakash, MD and Head – Partnerships & FI Coverage, said: “The MSME sector is touted for significant growth over the next five years. From providing affordable financing to scaling up their operations, we’re focused on meeting the growing demands of small and medium-sized businesses. This latest injection of capital from SIDBI will further bolster our efforts to strengthen the MSME sector and women-led businesses.”

CredAble’s platform hosts over 125 corporate customers, over 350,000 small business borrowers, and over 35 large financial institutions and banks. Its investors include Oaks Asset Management, Plutus Wealth Management and Axis Bank.

It also offers financial services through its platform products to customers including large corporates, mid-market and emerging corporates and financial institutions.