Invoice discounting platform KredX has raised $26 million in its Series B round led by Tiger Global Management, along with participation from existing investor, for a minority stake in the Bengaluru-based startup.
The Series B round comes for the firm after a gap of more than three years. KredX had previously raised $6.3 million from Sequoia Capital and Prime Ventures Partners in Series A funding round in October 2016.
The fresh fund will be deployed towards expansion by hiring across functions, including senior leadership hiring and step up the development of new products.
Besides building its IP and create a niche in the supply chain finance ecosystem, a significant portion of the funding will also go for strategic acquisitions.
Founded by Manish Kumar and Anurag Jain in 2015, KredX helps businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices.
With three flagship products, namely Invoice Discounting, Capex Discounting and Early Payment Technology, KredX claims to have processed more than 500,000 invoices helping more than 5,000 suppliers through 10,000 investors across 36 cities.
According to the company’s press release, the transaction processing volume has crossed $2.4 billion on an annual basis, and it aims to double it in the next 12 months.
Currently, KredX works with over 120 corporate houses such as Tata Croma, Future Group, Vedanta, among others.
With this funding round, KredX will join the list of over dozen of B2B startups which got backing from Tiger Global since its re-entry in the Indian startup ecosystem in October 2018. Led by Scott Shleifer, the New York-based hedge fund has invested in over 20 startups amounting to $500 million across B2B and B2C segment in the past 15 months.