KredX, a prominent supply chain finance platform, has received the final approval from the International Financial Services Centres Authority (IFSCA) at GIFT City. With this approval, the company is set to facilitate global trade for Indian businesses and has announced an ambitious plan to execute over $200 million in export financing in the state of Gujarat alone this year. This strategic initiative, powered by its International Trade Finance Services (ITFS) platform called Kredx’s GTX, aims to drive the growth of businesses engaged in international trade.
Anurag Jain, Founder and Executive Director of the company, highlighted the company’s commitment to providing easy access to working capital for MSMEs. Over the past eight years of its domestic operations, the company has witnessed the enrollment of around 40,000 businesses and 70,000 investors on its platform, with approximately 7% of them hailing from Gujarat. Now, with the launch of operations in GIFT City, the company aims to facilitate $200 million in export financing for Gujarat in its debut year with GTX. As Gujarat is the top exporting state in India, the company’s GTX’s services will play a vital role in propelling export numbers by offering pre and post shipment financing solutions to exporters.
KredX GTX leverages cutting-edge technology and financial innovation to empower exporters, granting them swift and collateral-free access to funding from reputable financiers, all while minimizing risk. The platform serves as a conduit for international financial institutions seeking exposure to Indian supply chain finance assets, providing better average yields in the short term without the need to establish an origination arm in India. This strategic move will not only enhance the export ecosystem but also facilitate billions of dollars in pre and post shipment working capital financing.
Jain emphasized that Gujarat, with a 33.3% share of overall exports, is a leading state for exports and that improved access to finance will greatly benefit exporters. By offering efficient and seamless financing solutions, KredX aims to bolster the growth of the export sector in the state and enable exporters to thrive in the global market.
The expansion of KredX’s operations at GIFT City signifies the company’s commitment to supporting Indian businesses engaged in international trade. By providing exporters with the necessary financial resources, KredX aims to fuel their growth, increase their competitiveness, and contribute to the overall economic development of the region.
The launch of KredX’s operations at GIFT IFSC marks a significant milestone in the company’s journey to empower Indian businesses engaged in global trade. By securing the necessary approval from IFSCA, KredX has gained the opportunity to facilitate seamless international transactions for businesses operating in GIFT City.
With a specific focus on the state of Gujarat, KredX aims to execute over $200 million in export financing this year through its ITFS platform, KredX GTX. Gujarat holds a prominent position as the top exporting state in India, making it a crucial market for KredX’s expansion. By providing pre and post shipment financing to exporters, KredX GTX seeks to enhance the export ecosystem and support the growth of businesses involved in international trade.
KredX GTX sets itself apart by combining advanced technology and financial innovation to streamline the funding process for exporters. Through the platform, exporters can access quick and collateral-free funding from reputable financiers, reducing the burden of traditional financing hurdles. Additionally, KredX GTX acts as a gateway for international financial institutions to invest in Indian supply chain finance assets, without the need for a physical presence in the country. This not only expands investment opportunities but also stimulates the flow of capital into the Indian export market.
As KredX embarks on its mission to facilitate $200 million in export financing, industry stakeholders and businesses are eagerly anticipating the positive impact this initiative will have on the export landscape in Gujarat. With its innovative ITFS platform, KredX is well-positioned to provide much-needed support to exporters, foster financial inclusion, and drive the growth of the Indian economy in the global marketplace.
