Fri. Mar 29th, 2024
kredx

KredX, Bangalore based startup which connects the credit worthy SMEs to the individual investors to raise money on the unpaid invoices, has raised $6 million in Series A led by Sequoia Capital’s Indian arm. The round also saw participation from existing investor, Prime Venture Partners. The raised capital will be used to strengthen technology and data driven approach within the organization along with an investment in strengthening the sales process.

Founded in 2015 by IIT and Stanford Alumnis, Manish Kumar, Anurag Jain and Puneet Agarwal, teh company works with SMEs to filter out the credit worthy firms which are seeking working capital. The SMEs are then connected to individual investors expecting higher returns on their investments.

The platform works as a medium for the SMEs to sell their unpaid invoices. The investment comes for a period of 30-90 days and once the invoices are paid back by their respective payers, the money is returned to the investor with the interest.

Prior to this, the startup had raised $750,000 from Prime Venture Partners in April 2016. Other competitors in the same vertical include LenDenClub, KountMoney, LoanZen, LoanCircle etc.

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

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