Your browser is currently blocking notification.
Please follow this instruction to subscribe:
X
Notifications are already enabled.
X

Fintech Startup KredX Secures $6 Mn Series A From Sequoia India, Prime Venture Partners

Fintech Startup KredX Secures $6 Mn Series A From Sequoia India, Prime Venture Partners

Bengaluru-based invoice-discounting platform KredX has raised about $6 Mn (INR 40 Cr) Series A funding led by Sequoia Capital India along with existing backer, early-stage investment firm Prime Venture Partners.

KredX was founded in 2015 by  IIT & Stanford alumni Manish Kumar, Anurag Jain, and Puneet Agarwal in 2015. It is an online invoice discounting platform that connects credit-worthy SMEs looking to raise working capital, to individual investors looking for opportunities to earn above-average returns.

The startup will utilise the funding to strengthen its technology, data, and sales functions within the company. According to a company statement, it has enabled around 3,000 transactions with a focus on unpaid invoices from ‘blue-chip companies,’ till date.

Business-owners looking for an advance on their invoices, raised on blue chip/creditworthy institutions, use KredX to sell these unpaid invoices. Investors looking to invest money for short term (30-90 days on an average) can earn attractive returns on their investment by purchasing these future cash flows.

Prior to this, KredX had raised $750K from Prime Venture Partners in April 2016. Prime Venture Partners is a Bengaluru-based seed fund led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani.

Earlier this month, online lending platform FlexiLoans raised about $15 Mn (INR100 Cr) from Sanjay Nayar, CEO of KKR India; Vikram Sud, former Head of Operations and Technology at Citibank; Anil Jaggia, Chief Investment Officer at HDFC Bank; and Narayan Seshadri, former MD at KPMG’s advisory business.

Other players in this segment include  LenDenClub, Loanzen,  KountMoney, Faircent.com, LoanCircle, Capzest, etc.

The development was reported by ET.

Author

Aparna Mishra

Inc42 Staff

After a 2-year-stint at Ernst & Young, Aparna moved to Journalism. Her prior experience enables her to understand business management. An avid reader and a traveller she hopes to gain insights on the startup ecosystem at Inc42.

Responses
https://inc42.com/flash-feed/finalists-ibm-healthtech/
Loading Next…

Upcoming Events