KredX aims to discount invoices worth over Rs 500 crore in Muhurat Trading

The event offers an opportunity for investors to get access to returns and rewards, while businesses can secure working capital by selling their unpaid invoices

KredX, a supply chain financing platform, announced the seventh edition of KredX Muhurat Trading, an invoice discounting and alternative investment event, with an aim to discount invoices worth over Rs 500 crore in a single day.

The event offers an opportunity for investors to gain access to returns and rewards, while businesses can secure working capital by selling their unpaid invoices.

The company said the event is scheduled for November 7 this year.

"The Muhurat Trading Day 2023 will help businesses make the most of the festive demand by obtaining immediate working capital and drive even 10x growth with immediate sanction limits and reduced special discount rates through this event. We aim to discount invoices worth more than Rs 500 crore in a single day this Muhurat Trading Day," said Manish Kumar, founder and Chief Executive Officer of KredX.

The online event ensures the quick sale of invoices, as fast as 45 seconds, for the participating businesses, the company said.

In research, KredX found that the short-term alternative investment space, specifically in invoice discounting for the retail investor segment, recorded a 44 per cent rise compared to a period five years ago. In 2023, the space demonstrated a two-fold growth compared to the previous year.

The company claims to have recorded participation of over 1,500 investors and more than 20,000 invoices listed and discounted in one day in the last year's edition of the event. Over 500 businesses were able to generate quick working capital, according to the company.

This month, KredX announced it will work with banks and financial institutions to create a corpus of Rs 4,000 crore by the end of FY24. The initiative is aimed at providing working capital to businesses during the festive season.

The Bengaluru-based company recently entered into strategic partnerships with Mastercard and ICICI Bank for business-to-business payments.

The company had in August said its 'KredX Spark' initiative would disburse Rs 2,000 crore in working capital to businesses before the three-month festive period starting September.

It has raised $33 million to date, and it had an annual revenue of $2.57 million as of March 2022, according to market research platform Tracxn.

KredX was founded by Manish Kumar and Anurag Jain in 2015. The company offers solutions for enterprise finance, cash flow management, working capital, and channel financing.