Invoice-discounting platform, KredX has raised $750,000 from Prime Venture Partners. Founded in 2015 by Manish Kumar, Anurag Jain, and Puneet Agarwal, KredX helps Micro Small and Medium Enterprises (MSMEs) looking for working capital, connect with individual financiers. It enables growth of MSMEs by unlocking cash tied up in customer invoices that would otherwise be paid in 30 to 90 days.
It will be using the funds raised to ramp up its technology. “Alternate financing and lending platforms are going to transform the way businesses and individuals gain access to capital. KredX is using technology to solve an obvious pain point for over 21 million MSMEs in India with hundreds of unpaid invoices. The core competency required for any credit product to scale is risk modeling. KredX is assembling an incredible team of experts in Data Science, AI and Machine Learning that will play a key role in scaling the business,” said Sanjay Swamy, Managing Partner, Prime Venture Partners.
KredX addresses issues faced by both MSMEs and financiers by helping the former raise working capital finance by discounting their unpaid invoices and offering financiers access to risk-mitigated, high yield & short-term investment opportunities. It has partnered with leading banks, accounting firms and law firms to ensure all aspects of the service are fully compliant with regulations.
Source: The Times of India
