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CredAble Strengthens Leadership Team to Hit a Billion Dollars in Transactions in the Next 12 Months

twitter-logoPTI | October 25, 2018 | Updated 15:12 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with Business Wire India. PTI takes no editorial responsibility for the same.) Kapil Zaveri appointed as Managing Director of the Receivables Platform and Mahindra Malladi as Business Head of People Logistics Financing Mumbai, Maharashtra, India – Business Wire India CredAble, a leading fintech provider of Supply chain financing, today announced the appointment of two senior industry professionals to be a part of their leadership team. Kapil Zaveri will be Managing Director of the Receivables Platform, and Mahindra Malladi the Business Head of People Logistics Financing. This development is to help the company achieve their vision of enabling over INR 500 crores a month in supply chain financing transactions on the platform over the next 12 months. CredAble was founded by Nirav Choksi and Ram Kewalramani in 2017, and recently received funding of INR 100 crores from Alpha Capital. CredAble was chosen as one of the winners at the Maharashtra Start-up Week and selected as a high potential start-up to be a part of the Oracle Start-up Accelerator Programme. Kapil Zaveri as the Managing Director of the Receivables Platform will drive value creation efforts for stakeholders on CredAble’s post-invoice Receivables exchange platform. Prior to joining CredAble, he spent nearly 20 years in financial services, investment banking, principal investments (PE and corporate) and P&L management roles with global organizations including Brown Brothers, Citigroup, Bank of America, Istithmar Capital and GEMS Education. Kapil holds an MBA degree from Kellogg School of Management and a B.A from Clark University with economics specialization at LSE. His professional experience spans the U.S, Middle East, India and S.E Asia. Talking about his new role Kapil elaborated, “CredAble is a startup that has already made waves in the Supply chain space, thanks to the foresight and vision of the leadership team, and I am extremely excited to be a part of this company. Our aim is to enable over a billion dollars of supply chain transactions in the next 12 months and we are confident that we will comfortably achieve this target with the support of our talented team.” Mahindra Malladi comes on board as the Business Head of Logistics Financing with over 24 years of work experience across industries such as automation, telecom and logistics. He specializes in Sales and Business operations and has been associated with large organizations like Mahindra Logistics, Xerox India, Modi Xerox and Reliance Infocomm. Mahindra will help grow the Just-in-time financing practice for CredAble especially to the logistics sector. Mahindra added, “CredAble’s pioneering efforts in the Supply Chain industry are known to everyone and I am very proud to be associated with the company. Supply chain financing is essential for businesses to thrive and we are determined to make it more accessible to vendors around the country. We have some big plans in place and I look forward to being a part of this fantastic journey.” Nirav Choksi, Co-founder and CEO of CredAble said, “Both Kapil and Mahindra are excellent additions to the CredAble team and they bring with them a wealth of knowledge and experience. Our team is the company’s biggest asset and we now have two more brilliant individuals on board, who have worked with some of the biggest brands in the world. I look forward to working closely with them on our journey to become one of the country’s most valued Fintech companies.” CredAble is a trusted partner to many large companies in the country and helps to enhance Supply Chain partnerships and create procurement savings through innovative Vendor and Dealer Financing. Over 100000 transactions valued at over INR 200 crores have been funded on CredAble’s platform. They are constantly working towards re-inventing the supply chain finance industry and effectively triple the available working capital in India. About CredAble CredAble is a Mumbai based FinTech start-up, founded by Nirav Choksi and Ram Kewalrami in 2017. They are trusted partners of numerous large companies in the country and help to enhance vendor partnerships and create procurement savings through innovative Vendor Financing. The company’s unique algorithm which combines technology, financing, deep learning and analytics to create innovative financing products, the proprietary Receivables Exchange platform and ‘just-in-time’ working capital financing solutions maximizes EBIDTA level savings for Corporates and provides vendors with seamless access to working capital. Over 86, 500 transactions valued at over INR 200 crores have been funded on CredAble’s platform. In June 2018, they also announced that they had received their Series A funding of INR 100 crores from Alpha Capital. They are on a mission to re-invent the supply chain finance industry and effectively triple the available working capital in India. How It Works CredAble’s unique supplier financing platform helps vendors receive early payments against their approved invoices in 4 easy steps: • The vendors select the date on which they wish to get paid • Offer a cash discount • Complete the one time KYC process • They get paid in approximately two days Partnerships CredAble has tied up with companies including Parle, Keys Hotels and PPLS Logistics to help them improve their relationship with suppliers and to scale their business through a simple yet effective solution. Awards and Accolades CredAble was one among 24 startups selected as winners in the first ever ‘Maharashtra Startup Week” held earlier this year. As part of their grant, CredAble will receive Government work orders of up to INR 15 lakhs each. The Maharashtrian Government will assist the Startup in piloting their solution for a period of 6 to 12 months and upon demonstrating proof-of- concept, the startup can also scale their enterprise with the aid of the Government. Oracle has also announced that CredAble is a part of their new batch of high potential startups for the Startup Cloud Accelerator program. The program enriching, collaborative partnerships to enable next-generation growth and drive cloud-based innovation for startups throughout their journey. It also offers an ever-expanding global network of start-up peers, as well as a global alumni program Investors Alpha Capital is an investment management firm based in Mumbai that was founded by Vishal Ootam and Vivek Anand. The primary mandate at Alpha Capital is to invest in scalable entrepreneur-led businesses in India. Alpha typically invests with entrepreneurs who have at least 10+ years of operating experience behind them with a career of at least 15 / 20 years ahead of them. The operating team has been backed by an experienced set of entrepreneurs who themselves have created large highly respected businesses. These include Mr. Sat Pal Khattar (Khattar Wong – Singapore), Mr. Darshan Patel (Vini Cosmetics), Mr. Mohandas Pai (Ex-CFO, Infosys) and Mr. Ranjan Pai (Manipal Group). Over the last year Alpha has made investments into InCred Finance (a new age NBFC) and Food Link Services Pvt. Ltd. (one of India’s leading Banqueting & Catering companies) Scale of Operations Over 100,000 transactions done Over INR 200 crores of supply chain financing done through the platform To view the image click the link below: Nirav Choksi, the Co-founder and CEO of CredAble PWR PWR

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