KredX, the Bengaluru headquartered invoice discounting marketplace start-up, has announced that it has secured $6.25 million in Series A funding round led by Sequoia India. Existing investor Prime Venture Partners, also participated in this round, which had earlier invested $750,000 in April of this year.
The investment will be used to strengthen the technology, data and sales functions within the company. KredX, formerly known as Mandii was founded in 2015 by IIT & Stanford alumni Manish Kumar, Anurag Jain & Puneet Agarwal.
The platform helps businesses meet their short-term working capital needs by discounting their unpaid invoices (raised against blue-chip companies) to a network of buyers/financiers including banks, NBFCs, wealth managers and retail investors.