Mumbai, Maharashtra-based fintech startup CredAbale on Saturday secured INR 18.14 crore (around $2.5 million) from a group of angel investors. The news flashed first on Inc42.
Founded in 2017 by Nirav Choksi (CEO) and Ram Kewalramani (CFO), CredAble combines technology, financing, deep learning, and analytics to create innovative supply chain financing products dynamically. The company combines its efforts with various blue-chip corporates to provide digital vendor financing to help them accumulate working capital instantly. – driving sumptuous EBIDTA margin for corporates.
CredAble in 2018 raised $14.8 million from Alpha Capital, Chicago, that makes CredAble’s total funding raised to date as $17.3 million.
The company through its proprietary product ‘Receivables Xchange’, offers vendors seamless access to early payment for their receivables in exchange for a trade discount, also enabling the banks and NBFCs to bid for payables and lend to the vendors.