CredAble, a fintech platform that enables working capital financing for enterprises, Thursday announced that it has raised $9 million via an equity infusion from private sector lender Axis Bank and existing investor OAKS Asset Management.
In a statement, the Mumbai-based startup said that it will use the proceeds to accelerate its growth plans.
As part of the investment, Axis Bank will acquire a little over 5% stake in CredAble, the bank disclosed in a regulatory filing earlier this week.
Founded in 2017, CredAble provides working capital to large and micro, small and medium enterprises (MSMEs), and financial institutions. The platform hosts over 100 corporate customers, 300,000 small business borrowers, and 30 large financial institutions and banks, according to the statement.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from August 1-5, 2022.