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Bengaluru based invoice discounting marketplace KredX has raised Rs 40 Cr in Series A funding led by Sequoia Capital. KredX has built a technology marketplace, where it connects small and medium enterprises (SMEs) with investors who are willing to buy these unpaid receivables to help them with their working capital cycles.
"We see Kredx as a marketplace enabling trade finance, and we love the fact that the team is narrowly focused on solving one problem very keenly and clearly," said Sequoia Capital MD Shailendra Singh. "The company is transforming the informal lending market to a new invoice discounting marketplace for enabling institutional credit to small and medium sized businesses." Financial technology has proved to be one of the most lucrative sectors for Sequoia Capital India, with exits like Freecharge (acquired by Snapdeal for $400 million), Prizm Payments (acquired by Hitachi for $250 million) and more recently Citrus (acquired by Naspers for $130 million). Sequoia’s other portfolio companies in the space include online SME lender Capital Float, wallet player Mobikwik and retail payment solutions provider Pine Labs.
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