Other Private Equity/Strategic Investments
Axis Bank to acquire over 5% stake in fintech startup CredAble
Publicly listed Axis Bank is to acquire a 5.09% stake in Mumbai-based fintech platform CredAble for INR 55 crore. The deal is expected to be completed by September 2022. Axis will acquire 8,921 equity shares of face value of INR 10 each for Rs 55 crore in CredAble. Founded in 2017, CredAble enables working capital financing across the corporate ecosystem of vendors, distributors, dealers, and retailers through its network of financial institutions via its proprietary technology platform as well as licensing its technology to financial institutions as a co-branding solution. It claims to have disbursed about USD 3 billion to cash-strapped 1,50,000 small and medium enterprises (SMEs) in the past 12 months.
From the Venture Intelligence PE-VC Deal Database: Between Apr 18 and Oct 21, CredAble had raised over USD 38 M from OAKS Asset Management and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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