KredX on Wednesday raised $26 million in a Series B round led by Tiger Global Management along with existing backers. The latest funding comes after a gap of more than three years, the previous one was the Series A round of $6.3 million from Sequoia Capital and Prime Venture Partners in October 2016.
The funds will be utilised towards hiring across functions, especially senior leadership hiring, developing new products, further build its IP and create a niche in the supply chain finance ecosystem as well as towards acquisitions.
Founded by Manish Kumar and Anurag Jain in 2015, KredX helps businesses meet their short-term working capital needs by facilitating discounts on their unpaid invoices. KredX claims to have processed over 500,000 invoices helping over 5,000 suppliers through over 10,000 investors across 36 cities until now.
The startup works with over 120 corporate houses such as Tata Croma, Future Group and Vedanta. Its transaction processing volume has crossed $2.4 billion annually.
As reported by The Hindu Businessline, Manish Kumar, Founder & CEO of KredX in a statement said…
“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,”
Commenting on the investment round, Scott Shleifer, partner at Tiger Global said…
“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”
ⓘ Image source: KredX.com