India-based fintech Invoice Bazaar Holdings announced this week it has purchased a minority stake for an undisclosed amount in online shipping documentation provider and partner, ODeX. Founded in 2015, Invoice Bazaar describes itself as a startup opening in the arena of Supply Chain Finance (SCF). The company reported it has built a platform for buyers to list invoices that are payable, which enables suppliers to get visibility on their approved invoices as well as early payment options.
“Being a niche player, our focus is to connect Large buyers to small suppliers. The suppliers will get an option to sell their accepted future dated invoices, if they supply to InvoiceBazaar’s approved list of Buyers.”
ODeX states it is one of its kind online platform for shipping documentation exchange. Its platform connects users with all stakeholders in the shipping industry. The company reported it creates a “unique” and compelling user experience, which brings simplicity in online Online Shipping Documentation. According to Finextra, ODeX has built an enviable ecosystem with marquee shipping lines including COSCO Shipping, CMA CGM, Hapag-Llyod, Hamburg Sud, clients including Reliance, TATA Group, CEAT, Vedanta, DHL, Godrej, and a number of customer brokers, freight brokers, banks, CFS, Weighbridge operators in its network.
Speaking about the investment, Anand Nagaraj, CEO of Invoice Bazaar, added:
“This is purely a strategic investment. ODeX has a strong management team with deep understanding of the shipping ecosystem. We are seeking to leverage their platform to expand our presence in the shipping niche.”