Invoice discounting platform KredX has raised USD 26 million in Series-B funding from Tiger Global Management, in which existing investors also participated.
The Bengaluru-based startup helps companies meet short-term working capital requirements by funding them based on their invoices and receivables.
KredX has processed more than 500,000 invoices, helping more than 5,000 suppliers through 10,000 investors across 36 locations in the country, according to the latest numbers shared by the company. “…believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.
The platform works with more than 120 corporate houses such as Tata Croma, Future Group and Vedanta. The company plans to use the fresh capital to speed up growth by hiring senior leaders. It also intends to develop new products and use the funds for acquisitions.