KredX, an invoice discounting platform, on Wednesday said it has raised USD 26 million (about Rs 187 crore) in a funding round led by Tiger Global Management.
The series B round also saw participation from an existing investor for a minority stake in the company, a statement said.
KredX was founded by Manish Kumar and Anurag Jain in 2015 to help businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices.
As on date, KredX has processed over five lakh invoices helping more than 5,000 suppliers through 10,000-plus investors across 36 cities.
We are excited to partner with KredX and believe the company has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors," Tiger Global Partner Scott Shleifer said.
KredX said it will use the new capital to accelerate its expansion by hiring across functions including senior leadership and will step up the development of new products.
The funds will also be used to further build intellectual property and create a niche in the supply chain finance ecosystem, and towards strategic acquisitions, it added.
"Being in the midst of B2B payment ecosystem, our transaction processing volume has crossed USD 2.4 billion annually and is forecasted to double it in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company," KredX founder and Executive Director Anurag Jain said.
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