KredX raises $6.25 million in Series A funding led by Sequoia

Moneycontrol BureauBanglore-based invoice discounting marketplace, KredX has raised USD 6.25 million in Series-A round of funding led by Sequoia India.

Company’s existing investor Prime Venture Partners also participated in this round and had earlier invested USD 750,000 in April of this year.

Formerly known as Mandii, KredX is an online marketplace for SME lending that connects enterprises looking for financing and investors looking to earn higher short-term yields with lesser risk.

Borrowers can upload payment pending invoices or post-date instruments of their customers, select from among the best bids available and receive funds. Investors can view invoices, PDIs from SMEs along with credit profiles to post their bids against them. Post the tenure, investors can get the funds directly to their account. The company receives a commission from both the parties once the trade is settled.