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KredX bags $26 million in Series-B round

The platform works with more than 120 corporate houses such as Tata Croma, Future Group and Vedanta. The company plans to use the fresh capital to speed up growth by hiring senior leaders. It also intends to develop new products and use the funds for acquisitions.

ET Bureau|
Dec 12, 2019, 08.39 AM IST
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KredX has processed more than 500,000 invoices, helping more than 5,000 suppliers through 10,000 investors across 36 locations in the country.
BENGALURU: Invoice discounting platform KredX has raised $26 million (about Rs 184 crore) in Series-B funding from Tiger Global Management, in which existing investors also participated. Sequoia Capital and Prime Venture Partners had invested Rs 40 crore in its Series-A round in 2016.

The Bengaluru-based startup helps companies meet shortterm working capital requirements by funding them based on their invoices and receivables.

KredX has processed more than 500,000 invoices, helping more than 5,000 suppliers through 10,000 investors across 36 locations in the country, according to the latest numbers shared by the company. “…believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.

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The platform works with more than 120 corporate houses such as Tata Croma, Future Group and Vedanta. The company plans to use the fresh capital to speed up growth by hiring senior leaders. It also intends to develop new products and use the funds for acquisitions.

“Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double 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, executive director, KredX.

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