KredX raises $26 mn in round led by Tiger1 min read . Updated: 11 Dec 2019, 10:39 PM IST
- KredX provides a marketplace for business owners to sell and investors to purchase invoices, in which the counter-party is a blue chip company
- KredX also offers capex for large enterprises that aim to raise funds by discounting their lease or rental pacts
MUMBAI : Tiger Global Management Corp. has led a $26-million round in invoice discounting platform KredX, the investment firm said on Wednesday. The New York-based company is one of the most active investors in Indian startups and has backed 20 companies so far this year.
Invoice discounting is the practice of using a company’s unpaid dues as collateral for a loan, which helps companies better manage their working capital. KredX provides a marketplace for business owners to sell and investors to purchase invoices, in which the counter-party is a blue chip company.
KredX also offers capex for large enterprises that aim to raise funds by discounting their lease or rental pacts.
The startup, founded by Manish Kumar and Anurag Jain in 2014, had raised a ₹40-crore Series A round in 2016 led by Sequoia, with participation from early backer Prime Venture Partners.
Mint had first reported on 26 September that Tiger Global is in talks to back KredX.
“(The) KredX platform works with suppliers, corporates, and investors to make the money flow in a supply chain ecosystem more efficient. A vendor is able to unlock working capital tied-up in invoicing, in turn benefiting the associated corporate with higher efficiency," said KredX chief executive Manish Kumar.
“For our investors, it is a problem-free alternative investment with high returns," he said.