Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others

Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others

SUMMARY

KredX will invest funds in its expansion by hiring across functions including senior leadership roles

The company has previously raised funds from Sequoia Capital and Prime Ventures

KredX connects SMEs with investors looking for an investment opportunity

Bengaluru-based invoice-discounting platform KredX announced its Series B round on Wednesday (December 11), with US-based Tiger Global Management leading the $26 Mn (INR 187 Cr) investment round, along with participation from an existing investor, for a minority stake in the company.

With the recently raised funds, the company will invest in accelerating its expansion by hiring across functions including senior leadership roles. Besides investing in the development of new products, it will use the funds to further build its IP technology and create a niche in the supply chain finance ecosystem. Additionally, KredX also plans to use the money towards strategic acquisitions.

Interestingly, the recent developments of the funding round have come at a time when Inc42, in September 2019, reported that Tiger Global Management was in advanced talks for investing in KredX. The company had previously raised funds from Sequoia Capital and Prime Ventures Partners as part of their Series A funding.

Founded in 2015 by IIT and Stanford alumni, Manish Kumar and Anurag Jain, KredX connects creditworthy small to medium enterprises (SMEs) with investors looking for an investment opportunity. It also helps businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices.

Kumar, who is also the CEO of KredX, said that platform works closely with suppliers, corporates and investors to make the money flow in a supply chain ecosystem more efficiently. “Using Kredx, 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,” he added.

The company claims that till now it has processed over 500K invoices, helping more than 5000 suppliers, through a network of around 1000 investors across 36 cities in the country. “Being in the midst of B2B payment ecosystem, our transaction processing volume has crossed $2.4 Bn annually and is forecasted to double it in the next twelve months,” Jain added.

After the success of its invoices discounting platform, Kredx has recently launched Capex discounting as a unique way to fund growth capital for the companies as well. KredX, as on date works with over 120 corporate houses including Tata Croma, Future Group, Vedanta, among others.

Since 2018, Tiger Global has been on an investment spree in India. Recently, it has invested $25 Mn in Indian digital stockbroking firm Upstox. Others companies that Tiger has invested in the last one year includes foodtech startup Wow! Momos, fintech startup OkCredit, edtech startup Vedantu and agritech startup Ninjacart, among others.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others-Inc42 Media
Invoice-Discounting Startup KredX Raises $26 Mn From Tiger Global, Others-Inc42 Media
You’re in Good company