KredX, India’s largest invoice discounting platform today announced its series B fund raise of $26M (187cr) led by Tiger Global Management, along with participation from existing investor, for a minority stake in the company. KredX was started by Manish Kumar and Anurag Jain in 2015 to help businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices. As on date, KredX has processed more than 500000 invoices helping 5000+ suppliers through 10000+ investors across 36 cities. KredX had previously raised funds from Sequoia Capital and Prime Ventures Partners as part of their Series A funding.
“We are excited to partner with KredX and believe the Company has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors.” said Scott Shleifer, Partner, Tiger Global.
“KredX platform works closely with suppliers, corporates and investors to make the money flow in a supply chain ecosystem more efficiently. A vendor is able to unlock its working capital tied-up in invoicing, in turn benefiting the associated Corporate with higher efficiency. For our investors, it is a hassle-free alternative investment with high returns. After our success in Invoices discounting and being the leader in the working capital finance, we have recently launched Capex Discounting as a unique way to fund Growth Capital for the companies as well” said Manish Kumar, Founder & CEO, KredX.
KredX, as on date works with over 120 corporate houses such as Tata Croma, Future Group, Vedanta to name just a few. KredX will use the new capital to accelerate its expansion by hiring across functions including senior leadership hiring and step up the development of new products. It will be used to further build its IP and create a niche in the supply chain finance ecosystem. It also plans to use the money towards strategic acquisitions.
“Being in the midst of B2B payment ecosystem, our transaction processing volume has crossed $2.4B annually and is forecasted to double it in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company, “ said Anurag Jain, Founder & Executive Director, KredX