KredX to create Rs 4,000 cr corpus for working capital needs of businesses
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KredX, a supply chain finance platform, said on Thursday it will work with banks and financial institutions to create a corpus of Rs 4,000 crore by the end of Financial Year 2023-24.
The company said its initiative will provide working capital to businesses during the festive season.
KredX recently entered strategic partnerships with Mastercard and ICICI Bank for business to business payments.
“Our partnership with leading banks and financial institutions represents a significant step forward in our mission. Seeing the response to the target of Rs 2000 crore we had taken for the festive season 2023, we realised the requirement is much deeper. By creating a substantial corpus of Rs 4,000 crore, we are not only surpassing our own expectations but also reaffirming our commitment to supporting businesses during a pivotal time," said Manish Kumar, chief executive officer and founder of KredX.
The company had in August said its ‘KredX Spark’ initiative would disburse Rs 2,000 crore in working capital to businesses before the three-month festive period starting September.
The company has raised $33 million to date and it had annual revenue of $2.57 million as of March 2022, according to market research platform Tracxn.
KredX was founded by Manish Kumar and Anurag Jain in 2015. The company offers solutions for enterprise finance, cash flow management, working capital and channel financing.
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