IIFL Portfolio Company Xtracap Unveils Instant Disbursal for E-Invoice, UPI Moment for SCF: Transforming Indian Fintech Landscape
Jun 21, 2024
NewsVoir
Mumbai (Maharashtra) [India], June 21: In a groundbreaking move set to revolutionize the Indian Fintech industry, Xtracap, a IIFL portfolio company proudly announces the launch of E-Invoice Enabled Instant Disbursements, marking a significant milestone in Supply Chain financial technology innovation.
For the first time in the Indian Fintech sector, Xtracap has unveiled a cutting-edge technology that can scan E-invoice data, do real-time validation, and enable lightning-fast disbursements for anchors. The supply chain partners of the on-boarded anchors can benefit from this seamless experience. This pioneering advancement is poised to elevate process efficiency within the Supply-Chain Finance Ecosystem, a sector that Xtracap Fintech passionately serves.
Xtracap CEO Riaz Mohammed said, "At Xtracap, we are committed to spearheading technological innovations that proactively address future challenges. While the adoption of E-Invoicing is still in its infancy across Indian industries, we have already implemented E-Invoice-based financing following a successful test run."
This latest fintech innovation is anticipated to catalyze a transformative shift in the operational dynamics of the supply-chain finance ecosystem in India.
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund said, "We are thrilled by this new initiative of our investee company Xtracap Fintech, the near instant disbursement for a credit product will re-imagine the delivery of working capital credit to MSMEs, with just in time finance, MSMEs can create a better bargaining position and improve their profitability."
Xtracap's E-Invoice Enabled Instant Disbursements represent a watershed moment in the Indian Fintech landscape, underlining the company's unwavering commitment to pioneering innovation and driving positive change. This UPI like experience for MSMEs may democratize and transform the way receivable are financed in supply chain finance.
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