KredX, a Invoice Discounting Platform, has raised $26million in series B funding round led by Tiger Global Management, along with participation from existing investors for a minority stake in the company. The company was founded by Manish Kumar and Anurag Jain in 2015.
Earlier, the company raised funds from Sequoia Capital and Prime Ventures Partners in series A round.
The startup will use the funds to accelerate its expansion by hiring across functions, senior leadership hiring and step up the development of new products. It will also be used to further build its IP (Internet Protocol) and create a niche in the supply chain finance ecosystem, as well as for strategic acquisitions.
In a media statement, Founder & CEO, KredX, Manish Kumar said, “KredX platform works closely with suppliers, corporates, and investors to make the money flow in a supply chain ecosystem more efficiently. A vendor is able to unlock its working capital tied-up in invoicing, in turn benefitting the associated corporate with higher efficiency. For our investors, it is a hassle-free alternative investment with high returns. We have also recently launched Capex Discounting as a unique way to fund growth Capital for the companies as well.”
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