KredX raises $750,000 from Prime Venture Partners; Hippily raises $250,000
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Bengaluru: KredX, run by Minions Ventures Pvt. Ltd, a start-up that helps small businesses raise working capital by connecting them to individual investors, on Wednesday raised $750,000 from seed fund Prime Venture Partners.
Typically, the invoices raised by small businesses take anywhere from 30-90 days to be fulfilled, which could pose a problem for many companies that don’t have too much working capital. KredX offers a platform for companies to put up their invoices, and for individual investors to pay the small businesses at a 15-25% discounted rate, and claim the full invoice amount from larger companies later.
The service, so far an invite-only platform called Mandii, has now gone commercial.
KredX does this with a proprietary credit risk assessment model for borrowers and helps financiers source invoices and conduct due diligence using proprietary credit underwriting algorithms.
“KredX has conceptualized an alternative asset class with low risk and high returns for sophisticated retail investors who had limited options available for debt instruments in the market,” said Anurag Jain, co-founder, KredX in a statement.
Personalised shopping app Hippily raises $250,000
Hippily Technology Pvt. Ltd, a company that makes an app that personalises shopping experiences and targeted at young women on Wednesday said it raised seed funding of $250,000 from a group of angel investors, including Dr. Sridhar Ramaswamy, senior vice-president, ads and commerce at Google, and Rakesh Mathur, founder, Junglee.
The free app offers curated products and ‘looks’ put together, from which items can be purchased as well.
“The philosophy behind Hippily is to de-addict the fashion ecosystem from discounts by providing the user a personalized feed that learns from dozens of data points and gets better daily. We’re seeing intense engagement and repeat purchases from a core audience, and over 50% of our orders are for undiscounted products, proving the robustness of our approach. We’re now increasing our investment in the personalisation engine by hiring a dedicated machine learning and data sciences team with a world class academic advising us,” said Dr. Viswanath Ramachandran, chief executive officer, Hippily.