Moneycontrol | March 16, 2022
In December 2020, we had invested in Xpedize, the supply chain financing tech platform founded in 2017 by former Citibank executives Regan Mithani and Deepak Gugnani, along with HDF Capital and Lumis Partners (Supply Chain Labs). Within a year, it grew to serve clients such as CK Birla Group, NRB Bearings, Dr. Lal Path Labs and DTDC. It also built alliances with Accenture, Citibank, Monetago, Yes Bank, RXIL, M1X and Invoicemart, among others.
But, in one of the shortest tenures as part of YourNest VC Fund II portfolio, we have exited as Xpedize has now been acquired by the FinTech SaaS and tax filing platform Clear.
While the acquisition marks Clear’s foray into credit for SMEs and B2B payments, it is also extremely encouraging to see that Clear has recognised the opportunity of building a product which the Indian ecosystem needs in the underserved SME and infrastructure space for a trusted invoice discounting offering.
Our congratulations and best wishes remain with Regan, Deepak and every member of the team at Xpedize.