Bangalore-based invoice-discounting platform KredX, has raised Rs 40 cr in Series A funding round led by Sequoia India. Existing investor Prime Venture Partners, also participated in this round, which had earlier invested Rs 5 cr in April this year.
Founded in 2015 by IIT-Kanpur alumni Manish Kumar and Anurag Jain as well as Stanford alumnus Puneet Agarwal, KredX lets small and medium enterprises (SMEs) improve their cash flow by discounting invoices to their customers. The investors, in return, enjoy margins of about 2%.
KredX wants to become the one-stop destination for everyone doing invoice discounting. The funding will be used to strengthen technology, data and sales functions, the company said.