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CredAble Raises funding from V’Ocean Investment & Others

Saransh Pandey

Intern
  • October 24, 2020
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    CredAble has raised the funds by issuing 22,684 Compulsorily Convertible Preference Shares (CCPS)

CredAble has raised the funds by issuing 22,684 Compulsorily Convertible Preference Shares (CCPS). CredAble is a fintech platform that aims to disrupt supply chain financing in Asia, was founded in 2017 by Nirav Choksi and Ram Kewalramani. The company last raised funding worth $14.8 Mn from Alpha Capital in 2018 for its Series A round. 

Mumbai-based fintech startup CredAble has raised INR 18.14 Cr from a series of investors. According to filings with the Ministry of Corporate Affairs (MCA), the company has issued 22,684 Compulsorily Convertible Preference Shares (CCPS) at a face value of INR 10 per share and a premium of INR 7,990 per share to several investors. 

CredAble has issued 18,273 shares to V'Ocean Investment Limited, helping it to reach a total amount of INR 14.61 Cr. The remaining shares have been distributed among 18 individuals. In all, the company has raised INR 18,14,72,000. CredAble was founded in 2017 by Nirav Choksi, CEO, and Ram Kewalramani, CFO, 2017, that aims to disrupt supply chain financing in Asia. The company leverages technology, financing, deep learning, and analytics to create innovative financing products dynamically. 

CredAble works with leading blue-chip corporates to provide financing solutions to the digital vendors that enable their vendors to gain instant access to working capital and drives significant EBIDTA margin enhancements for corporates in the process. The company last raised funding in 2018 for its Series A round worth $14.8 Mn from Alpha Capital, a private equity investment firm based in Chicago, Illinois. According to data available, the company has, to date, raised $17.3 Mn from two funding rounds. 

CredAble aims to triple the available working capital in India over the next five years with its proprietary Receivables Xchange (RX) platform and "just-in-time" working capital financing solutions. The startup's RX platform gives vendors access to hassle-free early payment for their receivables in exchange for a trade discount and enables banks and other financial institutions to bid for payables and lend to the vendors. 

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