Tag: CredAble

Business

CredAble and Aditya Birla Finance Limited Join Forces to Revolutionise MSME Lending

Jan 17, 2024 by Sujata Muguda 0 Comments #Aditya Birla Finance Limited, #and Medium Enterprises) lending in India, #CredAble, #MSME (Micro, #Rakesh Singh, #Small

India, 17th January 2024: CredAble, India’s leading fintech company specializing in supply chain finance, and Aditya Birla Finance Limited, a prominent player in the financial services sector, have announced a strategic partnership aimed at transforming MSME (Micro, Small, and Medium Enterprises) lending in India. This strategic partnership is poised to revolutionize the traditional approach to MSME financing by leveraging cutting-edge technology and advanced analytics.

With CredAble’s advanced solution, ABFL has witnessed a substantial increase in lead flow, with nearly 80,000 leads sourced in the past 6 months. Additionally, it has enabled the creation of a significant database for a large NBFC such as ABFL, enhancing analytics for cross-selling various products like Merchant financing, top-up loans, and equipment financing. The implementation has also contributed to increased Net Interest Margins (NIMs). Relationship Managers are now able to easily manage both manual and digitally sourced leads, showcasing the efficiency of the integrated solution.

To bolster ABFL’s digital lending capabilities, CredAble has designed a multi-faceted digital underwriting solution that combines dynamic case management, intelligent workflow, and robust credit risk and decisioning support systems. Through the digital underwriting expertise of CredAble, Aditya Birla Finance Limited has successfully brought to the SME ecosystem- Udyog Plus, an end-to-end solution that addresses critical pain points in the B2B lending process and plays a crucial role in supporting the diverse needs of MSMEs.

Highlighting the significance of their advanced underwriting solution, Nirav Choksi, Co-founder and CEO of CredAble stated, “Accuracy and precision are crucial in the digital lending landscape. State-of-the-art underwriting today involves a fully digital workflow and extensive use of a wide range of third-party data. Entities lacking systems with alternative credit scoring mechanisms will be at a disadvantage in pricing risk effectively and supporting MSMEs competitively. We’re extremely delighted to back ABFL with our underwriting solution that automates the end-to-end lending experience that was previously highly manual. As a result, our digital lending solutions are enabling low-interest credit offerings and faster credit decisions, empowering MSMEs with unprecedented access to unsecured business loans and bringing ‘credit invisible’ customers under the formal financial fold.”

Leveraging advanced machine learning algorithms, employing in-built analytics tools, and backed by a deep understanding of customer segments—CredAble has developed a suite of innovative financing solutions to cater to small and medium-sized businesses, typically classified as high-risk assets.

Commenting on the collaborative efforts of CredAble and ABFL in streamlining the MSME lending process, Rakesh Singh, MD & CEO, of Aditya Birla Finance, said, “At Aditya Birla Finance, we are on a journey to empower MSMEs and entrepreneurs, assuring them that we are the financing partner they can always count on. The collaboration with CredAble marks a pivotal moment for ABFL. CredAble’s digital underwriting solution has not only streamlined our lending processes but also significantly improved our efficiency in serving businesses, setting a new benchmark in unsecured business loans for MSMEs.”

This strategic alliance aims to empower MSMEs with accessible and tailored financing solutions, driving sustainable growth for these enterprises. Moreover, the association is a commitment to fostering innovation and co-creation in the financial sector.

money
Business World

CredAble disburses a staggering Rs. 2,500 crores to cash-starved SME & MSMEs during the last 4 months infusing much needed liquidity

Nov 4, 2020 by Gouri Achary 0 Comments #CredAble, #liquidity, #Mr. Nirav Choksi, #Mr. Ram Kewalramani, #SME & MSMEs

The outbreak of pandemic has definitely altered business models and transformed even well-entrenched industries, all within a few months. Yet, it has been an opportunity to cause widespread impact for some others. Scrutinizing the circumstances, CredAble – A Supply Chain Financing focused FinTech which leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programs disbursed a staggering Rs. 2,500 crores to cash-starved SME & MSMEs across its various programs.

The beneficiaries of this extensive outlay include thousands of vendors that face winding down of their operations in the absence of this working capital injection. More so, the commencement of this resourceful step turned out to be a benefit for large corporates too, who couldn’t clear invoices amid the mire COVID-19 brought.

As the CEO & Co-Founder of CredAble, Mr. Nirav Choksi expresses contentment for being able to reimagine supply chain financing in times of dismay and said, “Standing strong on our mission we at CredAble lend a hand to our clients’ needs which is possible by developing strategies via the flexible business model we have built for providing vendors and distributors/dealers of large corporates with working capital financing on-demand, irrespective of size or credit.”

To maintain the cash-influx, CredAble sourced capital from both its own NBFC as well as a network of financial partners and in the past few months, it increased the number of both banks and NBFCs that participate on its platform. Mr. Choksi further added, “We are providing vendors to meet operating expenses and reduce working capital cycles from the traditional 90 days to less than 24 hours meeting the needs of every cash-starved SME and MSME in our ecosystem without having them to follow a lengthy procedure. I would also like to thank the entire team of CredAble along with our financial partners who could make it possible”

For some companies, the invoice approval process is tedious and prolonged whereas several vendors operate on very thin margins and require working capital at an even earlier stage. To resolve the needs of both these ends is where CredAble’s “Just-in-Time Financing” solution sets it apart, meeting the needs of clients’ working capital.

“I was on the verge of closing down my business as curfews prohibited most deliveries and hampered our growth. If not for CredAble’s platform, I would have to pawn off my jewellery and other personal assets to keep the business alive” expressed one such logistics vendor, who utilizes the Just-in-Time financing platform provided by the Supply Chain focused FinTech.

Elaborating on the working capital cycles, Mr. Ram Kewalramani, Co-Founder & Chief Operating Officer of CredAble stated, “The company harnesses its technology prowess to fund vendors at a pre-invoice stage against certain milestones and while providing 2500 cr to the cash-starved SMEs/MSMEs, the book size in the past months has upsurged by 6 times the current volumes. And the beneficial factor for clients throughout has been the consistent interest rate suitable as per the needs of the borrower.

While operating with several prominent players in the e-commerce, media, logistics, automotive, and infrastructure industries, we maintain effortless and straightforward procedures on our platform. At CredAble, we enable vendors to get paid early while giving their end clients the option to maintain or even extend their DPOs, which equips them with quick working capital and assists in growing their business.”

CredAble has further invested in digitizing its entire onboarding and lending process to facilitate quicker turnaround times and a better user experience for its clients. The lockdown might have been a catalyst, but going digital is inevitable, and CredAble is set to ride these headwinds into the future.

mooney
Business World

CredAble Secures $4.5 Million in a Follow-On Funding Round from existing investors

Oct 29, 2020 by Gouri Achary 0 Comments #CredAble, #Mr. Nirav Choksi, #Mr. Ram Kewalramani, #Supply Chain Finance FinTech

CredAble, a Mumbai-based Supply Chain Finance FinTech has successfully raised $4.5 million in a follow-on round. The company is reimagining supply chain finance by providing liquidity programs for enterprise supply chains using state-of-the-art SaaS user interface, eKYC, plug and play functionality and digital documentation and transaction management.

Founded in 2017 by Mr. Nirav Choksi and Mr. Ram Kewalramani, the company has received its funding from its founders and existing investors i.e. Oaks Asset Management (erstwhile Alpha Capital) and V’Ocean Investment. The funds are going to be utilized for growth and further capitalizing CredAble’s own Non-Banking Financial Company (NBFC).

On securing the funds, CEO & Co-Founder, Mr. Nirav Choksi states “CredAble has seen an unprecedented scale-up in the disbursements we are enabling on our various platforms over the last 6 months. We have enabled over Rs 2500 CR in vendor and dealer/distributor financing over the COVID period. This interim fund-raise will further boost disbursements given the varied opportunities that we currently have. We are very humbled by the continued trust of our existing investors and are grateful to them for their unstinting backing during our growth phase.”

The company leverages its trade finance expertise, technology platforms, and access to third-party trade finance capital to arrange large-scale liquidity programs. COO & Co-Founder, Mr. Ram Kewalramani stated “CredAble is innovating working capital in India by enabling the Borrowers on its platform to get access to liquidity on a pre and post invoice basis. CredAble’s proprietary platform enables working capital basis purchase order, goods receipt note, proof of delivery and post invoice basis thereby truly innovating supply chain financing in India.”

CredAble last raised $14.8 million funding in 2018 for its Series A round from Alpha Capital, a private equity investment firm situated in Mumbai, this follow on fundraising takes the total funding raised close to $20 million accumulatively.

Ashutosh Taparia
Business World

CredAble – India’s leading Supply Chain Finance Bank, appoints Mr. Ashutosh Taparia as Managing Director – Client Coverage

Oct 14, 2020 by Gouri Achary 0 Comments #CredAble, #Mr. Ashutosh Taparia, #Mr. Nirav Choksi

CredAble – a FinTech company that is transforming supply chain finance with its various technology-enabled funding programs for stakeholders in corporate supply chains announced the welcoming of Mr. Ashutosh Taparia as Managing Director – Client Coverage.

At CredAble, Mr. Taparia is responsible for identifying and developing opportunities for the Platform business across India to which he says, “the role of FinTech has gained even larger importance and CredAble is truly transforming supply chain financing with increased impetus for adequate capital and flexibility, to deliver value and growth. I am delighted to join CredAble and our mantra is to keep it simple – “Ask, Listen, Solve” as we decipher complex problems and deliver simple tech-enabled solutions.”

Mr. Taparia is a conversant Trade and Supply Chain Finance professional, working across diverse range of corporates, commodities and markets within India. Until recently, he was SVP and Head Business Development, South India for HSBC. During his eleven-year career in the banking industry, he held several leadership roles like VP Business Development and SVP Business Development and has also worked with Accenture for a brief period.

“I am elated to welcome Ashutosh as Managing Director – Client Coverage of the company. As a professional Ashutosh has a penchant for problem-solving and relishes building relationships – both of which are his primary drivers for motivation. We believe that Ashutosh will prove to be an asset to the company to help it grow further,” said Mr. Nirav Choksi, CEO & Co-Founder, CredAble on Mr. Taparia’s appointment.

Highlighting on the changing scenario of the supply chain management, Mr. Taparia mentioned, “The pandemic has ‘compelled’ organizations to re-think and re-strategize their supply chain management which is resulting in processes & policies being implemented, aiming to build resilience within the ecosystem. Never has the importance of suppliers being paid early been as important for a company as extending their payment liability, as we see it today.”

Mr. Ashutosh Taparia is an alumnus XLRI, Jamshedpur & SRCC, DU and semi-qualified CFA & CA (CFA L2 & CA PEII). On the personal front, Ashutosh is an avid cricket enthusiast, watching as well as playing and can spend hours re-visiting old India wins, over and over again! He lives by the motto – work hard and laze harder!