KREDx | Pixr8 News

11Dec By PriyankaNo Comments

FUNDING

KredX Raises USD 26 mn in Series B funding

KredX, an invoice discounting platform has raised USD 26 million (about Rs 187 crore) in a funding round led by Tiger Global Management. The series B round also saw participation from an existing investor for a minority stake in the company, a statement said. KredX was founded 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 over five lakh invoices helping more than 5,000 suppliers through 10,000-plus investors across 36 cities. 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," Tiger Global Partner Scott Shleifer sa...

Bengaluru Based KredX Raises $6.25 Million Series A Funding

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 cred...

Prime Venture Partners Invests $750,000 in KredX

Prime Venture Partners today said it has invested USD 750,000 (about Rs 4.95 crore) in KredX, an invoice-discounting platform that connects credit-worthy MSMEs looking to raise working capital against their unpaid invoices to individual financiers. Launched last year by IIT and Stanford alumni Manish Kumar, Anurag Jain and Puneet Agarwal, KredX (previously known as Mandii), enables the growth of micro, small and medium enterprises (MSMEs) by unlocking cash tied up in customer invoices that would otherwise be paid in 30 to 90 days. "There are 36 million SMEs in India. Many of these often struggle to keep their cash flow intact and can hardly withstand the burden of late payments. They are in dire need for working capital. With our technology platform, we are helping them get access to w...