KredX, a supply chain financing platform announced its first global trade export deal of annualized transaction valuing $15.6 million on its licensed International Trade Financing Services platform (ITFS) – KredX GTX in GIFT (Gujarat International Finance Tec-City) City.
It is amongst the four entities to be granted an “in-principle” approval by International Financial Services Centres Authority (IFSCA) to set up and operate an ITFS at GIFT City for importers and exporters to secure both pre & post shipment financing from Indian and foreign institutional investors.
“We are delighted to announce our first successful funding on KredX GTX of the annualized value of $15.6 million and proud to be the first licensed global trade ITFS platform in India to complete a deal successfully for an Indian pharma exporter,” said Anurag Jain, Founder, and Executive Director, KredX.
The platform aims to democratize the global trade finance space which is plagued by tedious documentation, opaque operational workflows, and high financing charges said the company. It added that it aims to help Indian exporters, MSMEs, and even small businesses gain access to working capital at competitive rates by bringing together financial institutions from across the globe on its platform.
“KredX GTX aims to build a book of $2 billion by the end of next financial year and already has a pipeline of more than $400 million in transactions for exporters in India,” Jain said.
As part of the ongoing sandbox testing – KredX GTX said it has partnered with global institutional investors to fund Indian as well as foreign exporters registered on its platform. It also said that it has completed UAT testing and is now in the sandbox stage working on the first few live deals.