CredAble Adds Electronic Invoicing to UpScale Business Growth App

UpScale by CredAble has launched new electronic invoicing (eInvoicing) solutions.

The business growth app added these solutions to help small to medium-sized businesses (SMBs) meet India’s government directive making eInvoices mandatory for certain businesses beginning Jan. 1, Mediabrief reported Monday (Dec. 19).

“We believe that UpScale’s eInvoicing solution is a necessity and is made specifically keeping [SMBs] in mind,” CredAble Co-Founder and CEO Nirav Choksi said in the report. “It provides one-of-a-kind solutions to assist them in adhering to government regulations in the simplest and most secure manner possible, at a very low cost.”

CredAble, an Indian working capital technology platform, launched UpScale in 2021 to help SMBs access working capital, trade support and a payments solution that includes invoicing management, according to the report.

With the addition, UpScale enables users to generate eInvoices in bulk, send them in a single click, back them up and retrieve them when needed, the report said.

It also alerts the user about any violations, incorrect data or missing fields and allows users to communicate with customers via email, SMS or WhatsApp with a single click.

“UpScale helps [SMBs] with billing and invoicing management, payments solutions and easy access to business credit,” CredAble Chief Procurement Officer and UpScale Managing Director Nitin Sharma said in the report. “And now that businesses will have to sync up with the eInvoicing site in order to get invoice reference numbers, UpScale’s eInvoicing solution will help them do all of it easily and accurately.”

CredAble did not immediately reply to PYMNTS’ request for comment.

The launch of this new offering comes four months after CredAble raised $9 million via an equity infusion from Indian bank Axis Bank and CredAble’s existing investor OAKS Asset Management.

The company said at the time that the investment would be used to accelerate CredAble’s growth plans, to continue helping small businesses meet their working capital and credit challenges and keep adding to its growing list of alliances with enterprise customers and financial institutions, APN News reported Aug. 5.

As PYMNTS reported Aug. 2, the Indian government has been lowering the threshold for the electronic invoicing mandate and has dropped it to businesses with an annual turnover of RS 5 crore ($605,000) beginning in 2023.

The use of electronic invoices is expected to make it easier for tax collectors in the country to analyze the input of tax credits across industries and see where there are revenue leaks.