India, 12th October 2023: CredAble, a leading fintech platform providing working capital and supply chain finance solutions, has joined hands with Mahindra First Choice Wheels Ltd (MFCWL), a key player in India's pre-owned auto business sector, to digitize their invoicing process. As part of the partnership, CredAble will align its innovative and cutting-edge e-invoicing platform to transform the way MFCWL interacts with its network of 745 yards across the country, revolutionizing the parking industry.
CredAble’s digital forward SME finance solutions deliver a variety of financial alternatives and features tailored to assist businesses in managing their cash flow while optimizing operations. It also offers powerful solutions, such as the GST Super Search tool for quick vendor verification, B2B payment solutions like automated payment reminders, online collections and reconciliation, vendor management, and more.
For Mahindra First Choice Wheels Ltd, CredAble’s e-invoicing platform will play a significant role in simplifying, automating, and expediting the otherwise traditional manual invoicing operations, channelling the easy flow of funds throughout the supply chain with accuracy.
The digitization is expected to not only reduce man-hours required for invoicing but also decrease the turnaround time by creating a transparent system that eliminates the need for invoice approval, tracking, chasing, and human errors. With this, CredAble's e-invoicing platform is expected to revolutionize the way MFCWL operates, delivering seamless parking services and offering exceptional customer experiences.
Delighted to partner with MFCWL, Mr. Ashutosh Taparia, MD & Chief Revenue Officer-CredAble said, "Our collaboration with MFCWL will revolutionize their invoicing processes and fuel their growth trajectory with powerful financial tools. Together, we are unlocking the potential to optimize operations, streamline efficiency, and pave the way for accelerated growth. This partnership signifies our commitment to empowering businesses with innovative solutions, and we look forward to propelling Mahindra First Choice Wheels to new heights of success."
This strategic partnership between CredAble and MFCWL will leverage their expertise and technological capabilities within the automotive industry. It will also make it easier for businesses/yards to streamline their invoicing journey, ensuring smooth and efficient processing, timely payments, and simplified reconciliation, thereby minimizing audit and operational difficulties.
Thrilled to introduce this game-changing fintech solution that will revolutionize the invoicing process, Ashutosh Pandey, MD and CEO at Mahindra First Choice Wheels Limited, said, "We are excited about our partnership with CredAble, which will bring about a transformative change in our invoicing processes. By leveraging CredAble’s innovative platform, we are not only simplifying and digitizing our invoicing operations but also enhancing our vendor relationships through greater transparency and collaboration. This will ultimately lead to seamless processing, timely payments, and reduced audit complexities."
The collaboration is a testament to the commitment of both organizations to driving innovation and fostering financial stability throughout the supply chain ecosystem, with streamlined invoicing processes and optimized working capital ultimately providing a competitive edge in the market.
About CredAble
Founded in March 2017 by Nirav Choksi and Ram Kewalramani, CredAble is India's largest working capital technology platform enabling more than USD 6 billion annually in working capital for India Inc. which includes large, mid, and emerging corporates, SMEs, and financial institutions. CredAble’s platform hosts over 125+ corporate customers, over 300,000 small business borrowers, and over 35+ large financial institutions and banks. By leveraging technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, CredAble leads the working capital space while witnessing over 500% year-on-year growth.
Backed by well-known investors such as Oaks Asset Management, Plutus Wealth Management LLP and Axis Bank Limited, the company was granted NBFC (BBB Stable) license by RBI in 2019 and offers post invoice discounting and other working capital finance products. Apart from catering to the financial needs of the SME segment, the company offers financial services through its platform products to customers such as Large Corporates, Mid-Market and Emerging Corporates, Financial Institutions.
The company was recently awarded the “Best Banking Technology for Supply Chain Financing” at the prestigious ELETS BFSI Awards 2023 and the “Best Digital Transformation Enabler for Banks” award at NBFC100 Tech Summit and Awards, followed by the “Best Fintech and Bank Collaboration” award at the 14th NBFC and Fintech conclave. CredAble was also awarded the “Fintech startup of the year 2022” at The Asset Triple A Digital Awards 2022 followed by “The Best Banking Tech of the Year” at the Asia Fintech Award 2022 for building a tech stack that is robust & agile which has transformed the working capital landscape in the country. It was also awarded in the Fintech, and Deep Tech categories at NASSCOM Emerge 50 Awards 2020 and as the Best Supply Chain Finance Solution of the Year 2019 at the Inflection 2019, a leading supply chain summit. The Company was selected into the Oracle Startup Cloud Accelerator Program 2018, SAP Startup Studio Cohort 2020, and was also recognized by the Maharashtra Government as the Best FinTech Startup 2018.
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