"It improves cash flow. There is no debt for the SME and the investor gets good returns," said co-founder of KredX Manish Kumar.
KredX has developed a proprietary credit risk assessment model for borrowers and technology platform that ensures fast, hassle-free and secured transactions. For financiers, KredX provides complete trade services starting from sourcing curated invoices to conducting due diligence using its proprietary credit underwriting algorithms. It also manages complete paperwork for the financier and borrowers. KredX has already processed over 1000 invoices (ranging from Rs 1 lakh- Rs 1 crore) since its initial, by-invitation only launch, and is now launching its service commercially, the company said in a statement.
"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. We are excited to be a part of this journey," Sanjay Swamy, Managing Partner, Prime Venture Partners said.
