KredX disburses Rs 300 crores in Q1 through its Pay Later Solution for B2B payments

Bangalore (Karnataka) [India], March 29 (ANI/NewsVoir): KredX, India's largest supply chain financing platform, achieved a record of disbursing INR 300 crore through its Pay Later Solution for B2B Payments within the first quarter of its launch. The company had recently launched this solution in December 2021 to help ease supply chain financing issues within the dealer-distributor-retail chain for businesses.
KredX Pay Later solution is a closed-loop digital supply chain financing solution leveraging cutting edge technology to offer working capital finance to dealers, distributors, stockists, and retailers of any brands or products. This tailor-made solution helps brands and enterprises get instant payment against products sold, while their business buyers get immediate financing, based on their credit profile, to purchase products on credit with a flexible repayment window.
The company, through this proposition, has addressed cash flow challenges for various brands across sectors - manufacturing, chemical, IT, consulting, B2B marketplaces, franchise led businesses, pharma, start-ups, automotive, food & beverage and FMCG. The Pay Later solution has helped brands increase average sales per customer by up to 40 per cent at the point of sale and has contributed to an overall 2X growth in businesses, especially offline sales, by providing instant credit to business buyers. Additionally, helping attract new customer acquisition by up to 30 per cent. The company, within the first quarter, has serviced more than 3500-plus anchors/dealers/distributors/retailers within a closed-loop supply chain finance offering across 8 major states.
KredX offers this solution to not only existing credit users but also new-to-credit users, which helps them build their credit scores. The easy and flexible repayment options have provided a seamless business experience to enterprises. This offering is through a co-lending arrangement, and the company has partnered with leading NBFCs and financial institutions for a smooth and hassle-free experience. The offering is an anchor-led initiative and is not limited to only large players in the segments. Rather, it has also significantly impacted the small and new-age businesses, which is one of the company's vision and mission to cater the underserved segment in the financial landscape.
KredX is among the first few players to have launched this closed-loop digital supply chain financing solution in India. The product has witnessed great traction among B2B brands, and the company is confident that it will be able to capture a sizable market share given its expertise and experience over the last 7 years along with its state-of-the-art technology that is quick, scalable, competitive pricing and hassle-free onboarding and disbursal processes. 24-hours integration time with anchors and <100 secs credit approval for dealers/distributors/retailers is what the organisation prides itself in, in terms of the customer journey.
Commenting on this achievement, Manish Kumar, Founder & CEO at KredX, said, "This is a significant milestone for us in our journey towards creating finance accessible to all. We have always believed that financial inclusion can be achieved if we provide credit that is quick, convenient and affordable. Our Pay Later offering will empower businesses to unlock themselves from cash constraints while purchasing supplies and enjoy simple one-click credit access. We are growing at a pace faster than we had envisaged and with multiple product offerings and in multiple locations. In FY 2022, we aim to disburse upwards of USD 5 billion working capital."
Founded in 2015 in Bangalore by Manish Kumar and Anurag Jain, KredX India's largest supply chain financing platform, accelerating finance through the use of cutting-edge technology and data. The company offers a host of customisable solutions ranging from enterprise finance and cash flow management solutions to working capital and channel financing solutions for businesses, large and small, operating within the supply chain ecosystem while offering unique alternative debt investment solutions to investors worldwide. Through the use of reliable technology to accelerate customer growth, the company aims to become the world's fastest Operating System for supply chain finance.
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