Invoice discounting marketplace, KredX has raised USD 6.25 million in Series-A round of funding led by Sequoia India. Company’s existing investor Prime Venture Partners also participated in this round and had earlier invested USD 750,000 in April of this year.
The funding will be used by KredX to strengthen its technology, data and sales functions within the company.
Bangalore-based KredX, Formerly known as Mandii is an online marketplace for SME lending that connects enterprises looking for financing and investors looking to earn higher short-term yields with lesser risk.
Borrowers can upload payment pending invoices or post-date instruments of their customers, select from among the best bids available and receive funds. Investors can view invoices, PDIs from SMEs along with credit profiles to post their bids against them. Post the tenure, investors can get the funds directly to their account. The company receives a commission from both the parties once the trade is settled.
“We see Kredx as a marketplace enabling trade finance, and we love the fact that the team is narrowly focused on solving one problem very keenly and clearly,” said Sequoia Capital MD Shailendra Singh.
Adding more he said, “The company is transforming the informal lending market to a new invoice discounting marketplace for enabling institutional credit to small and medium sized businesses.”
Till date, it has enabled around 3000 transactions ranging from Rs 1 lakh to Rs 1 crore, with a focus on unpaid invoices from “blue-chip companies”. KredX sees the invoice discounting market as a $100 billion opportunity. займ платизазайм через систему контакт без отказовсрочный займ на киви кошелек от частных лиц