CredAble has raised $30 million in its Series B funding round by Plutus Management LLP and existing investor Oaks Asset Management. The firm will utilise these funds to start its new product and strengthen its tech platform, Co-founder and CEO Nirav Choksi said. “Considering the investor’s interest, we want to raise more capital in the Series B funding round. However, we have not taken any decision yet,” Choksi added.

Founded in 2017 by Choksi and Ram Kewalramani, CredAble is an AI-powered technology platform working capital financing across enterprise ecosystems, digital Know Your Customer, Enterprise Resource Planning (ERP) and bank alliances.

“Our current revenue run rate for FY22 is Rs 25 crore and can be around Rs 100 crore by the end of FY23. We expect to finish the current financial year at Rs 5,000 crore of payment per month,” Choksi said. CredAble’s new product tries to build inclusive growth for small businesses by giving them cash management, payment and credit tools that will allow small business owners to grow and manage their businesses efficiently, Choksi added.