KredX, an invoice discounting platform, on Wednesday announced it had raised $26 million (Rs 187 crore) in Series-B funding led by Tiger Global Management, with participation from existing investors.
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. KredX claims to have processed more than 500,000 invoices helping 5000+ suppliers across 36 cities.
The start-up had previously raised funds from Sequoia Capital and Prime Ventures Partners as part of its Series-A funding.
“KredX platform works closely with suppliers, corporates and investors to make the money flow in a supply chain ecosystem more efficiently," he said.
"A vendor is able to unlock its working capital tied-up in invoicing, in turn benefiting the associated Corporate with higher efficiency," said Manish Kumar, Founder & CEO, KredX.
"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,” Kumar added.
KredX works with over 120 corporate houses including Tata Croma, Future Group and Vedanta. 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. It also plans to use the money towards strategic acquisitions.