Kredx: KredX starts operations at GIFT IFSC: Aims for US$ 200 Million in Export Financing this year
Govt to sell up to 3% stake in Coal India
AHMEDABAD: KredX, one of the largest supply chain finance platforms, has received the final approval from International Financial Services Centres Authority (IFSCA) at GIFT City to facilitate global trade for Indian businesses. It has announced a plan to execute over US$ 200 million in export financing in the state of Gujarat alone in this year through its
ITFS
(International Trade Finance Services) platform,
KredX GTX
. This strategic initiative aims to increase the growth of businesses involved in international trade.
Anurag Jain
, Founder and Executive Director,
KredX
said, We have provided a platform to MSMEs which helps them getting working capital easily. In the last eight years of our domestic business, we have seen some 40,000 businesses have joined our platform along with around 70,000 investors, out of which around 7% is from Gujarat. Now, we have started operations in GIFT City and we are going to facilitate US$ 200 million in export financing for Gujarat in our debut year for GTX. Gujarat is the top exporting state in India and KredX GTX will propel the export numbers by facilitating pre and post shipment financing to exporters.
KredX GTX platform amalgamates cutting-edge technology and financial innovation to empower exporters, enabling them to access swift and collateral free funding from prominent financiers with limited risk. KredX GTX will act as a conduit for international financial institutions to build an exposure to Indian supply chain finance assets which provide better average yield in the short term without setting up an origination arm in India. This will also boost the export ecosystem in India by facilitating billions of dollars in pre and post shipment working capital financing.
Jain said, Gujarat is a leading state for exports with share of 33.3% of the overall exports and better finance will help exporters.
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Wednesday, May 31, 2023 at 2:58 pm