Aditya Ghosh, former head of budget carrier Indigo and the board member of hospitality chain Oyo, has invested an undisclosed sum in small business-focused Creditenable.
The UK-headquartered Creditenable acts as a marketplace for small business finance and has been present in India since 2017. Ghosh will join the global board of the company, which is seeking to ramp up its presence in India amid the COVID-19 crisis, after the investments, the company said in a statement.
"In these difficult times, we have decided to ramp up our activities in India to cater to the increasing demand for finance from the SME sector," the company's founder and chief executive Nadia Sood said.
Courtesy a technological backend, CreditEnable identifies the right lender and right product for each borrower based on their specific business requirements and then does all the work to get them the loan, the statement said.
"We are currently in unprecedented times, and small and medium enterprises across the globe are faced with one of the toughest business crisis. The entire process of accessing affordable credit easily and quickly, when SMEs need it, has always been one of the biggest pain points in their business journey," Ghosh said.
Other members on the advisory board include Ishaat Hussain - former Tata Sons CFO, Abhijit Sen - former CFO Citi India, and former executives who have had stints with S&P, Barclays, Citibank, HSBC and JP Morgan, Sun Gard, and other leading global financial services firms, the statement said.
First Published: IST