CredAble secures INR 300M to Support Women-led Businesses

By: WE Staff | Thursday, 13 June 2024

CredAble, a fintech company, has secured INR 300 million in debt funding from the Small Industries Development Bank of India (SIDBI) to provide affordable financing solutions to Micro, Small, and Medium Enterprises (MSMEs) and women-led businesses in India. The funding will expand CreadAble's product lines and support women-led businesses. CredAble's AI-powered platform has backed over 50 women-led enterprises in India over the past decade, offering tailored liquidity programs for enterprises and MSME suppliers.

MD and Head - Partnerships & FI Coverage, Manu Parkash mentioned, "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 acts as a digital banking platform that is planning to expand its product lines for MSMEs and extend its financing scope to include women-led enterprises. The company has dedicated INR2bn to supporting over 50 women-led enterprises across India. CredAble's platform hosts over 125 corporate customers, 350,000 small business borrowers, and 35 large financial institutions and banks. Oaks Asset Management, Plutus Wealth Management, and Axis Bank among its investors, offer services through its platform products to various corporates, mid-market, and emerging entities.