Supply Chain Financing Company: Xpedize acquired by Clear (earlier known as ClearTax) for worth Rs 100 Cr
- ByStartupStory | March 16, 2022
On Wednesday, Clear, (earlier known as ClearTax), a Fintech SaaS startup said that it acquired Xpedize, a supply chain finance company in a bid in order to strengthen its offering to SMEs and MSMEs.
According to a source, the deal was valued at Rs 100 crore, among which most of it was in cash. To comment on the deal value has been declined by Clear.
About 3,000-plus enterprise customer base has been leveraged by Clear in order to offer SMEs cash flow-based loans via tech and using Xpedize’s expertise in space.
Xpedize will be rebranded as Clear Invoice Discounting and by the end of FY22, the processing Rs 1,000 crore in Gross Merchandise Value (GMV) will be looked upon, said the startup in a press release.
Archit Gupta, Founder and CEO, Clear said that especially as the government pushes for digitisation of these businesses, the supply chain-based financing has been growing rapidly in the country. Over the next year, they have planned to scale Xpedize multifold and serve SMEs’ credit needs.
“He further added that their GST compliance suite is used by a large chunk of businesses in India, and the benefits of the network effect will be reaped by these customers. There three focus areas to disrupt this space are higher supplier participation, zero overheads for enterprises, and better discount rate discovery.
Archit said Clear, that the companies or interesting impactful enterprises that fall into one of three primary buckets are looked upon for future acquisitions.
In its latest Series C funding round from Kora Capital, Stripe, Alua Capital, Think Investments, and existing investors, Clear raised $75 million. The startup’s founder said that he did not have any immediate plans in order to raise another round and was well-capitalised for the time being.
Follow Startup Story
Related Posts
