KredX raises $26 million in Series B funding led by Tiger Global

Invoice discounting platform, KredX, has raised $26 million (Rs 187 crore) in a Series B fund raise led by India’s largest invoice discounting platform on Wednesday announced its series B fund raise of $26M (Rs 187 crore) 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 5,00,000 invoices helping over 5,000 suppliers through over 10,000 investors across 36 cities. KredX had previously raised $6.25 million from Sequoia Capital and Prime Ventures Partners as part of their Series A funding.

“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.

At present, KredX, works with over 120 corporate houses such as Tata Croma, Future Group, Vedanta among others and its transaction processing volume has crossed $2.4 billion annually. 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 as well as towards acquisitions.

“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.