ODeX Receives Strategic Investment from Invoice Bazaar
Invoice Bazaar, a FinTech Supply Chain Finance platform with presence across Asia today announced an undisclosed investment in online document exchange platform ODeX. ODeX, a one-stop solution provider for digitizing the shipping ecosystem, is a market leader in its vertical and has a product used by all the shipping stakeholders in India.
As part of ODeX’s proposition, it already works with Invoice Bazaar in India for enabling payment settlements to shipping companies. ODeX along with Invoice Bazaar’s is working on solving the Supply Chain Finance problem in the shipping industry. The investment from Invoice Bazaar will be used towards expanding ODeX’s footprint in the Middle East as well as towards product development.
ODeX - An Online Document Exchange Platform connects all the stakeholders in the shipping ecosystem, manage the workflow in the ecosystem by digitizing the manual documentation exchange, collect payments and is now able to offer early payment option with the partnership with Invoice Bazaar. In the last 30 months since founding, ODeX has built an enviable ecosystem with marquee shipping lines including MSC, COSCO Shipping, CMA CGM, Hapag-Lloyd, 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.
ODeX has the platform that can scale up across emerging markets. Shipping is a $7 trillion economy and business from documentation automation is a multi-billion dollar opportunity. 556 million containers (TeU’s) carried across the world generates 11 billion documents which lead to a huge opportunity for trade document digitization and finance.
Invoice Bazaar is seeking to expand its Supply Chain Finance reach to the shipping industry through this minority acquisition. With a presence in the United Arab Emirates and a limited presence in India, the 2-year-old FinTech company has crossed early payment volumes of AED 100Million (US$27Million) in the last 18 months since it started operating. “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” said Anand Nagaraj, CEO of Invoice Bazaar.
ABOUT ODeX: ODeX is a startup that has created a shipping industry online ecosystem with 15,000+ registered businesses on its platform consisting of Shipping Lines, Exporters, Importers, Freight Forwarders, and Brokers. The platform helps with document digitization, logistics, and payments for its stakeholders. ODeX has processed 4 million documents in the last 12 months since it launched a business in India. Currently, 55% of India’s VGM (Verified Gross Mass) is filed through ODeX platform.
ABOUT INVOICE BAZAAR: Invoice Bazaar is a Dubai based FinTech entity that has developed a technology platform through an in-house technology entity, for offering Supply Chain Finance, Receivables Finance, and Dynamic Discounting. Invoice Bazaar’s team has over 50 years of combined work experience in banking and technology in global organizations like Citi, HSBC, and Goldman Sachs. The platform provides an opportunity for large buyers to help their SME suppliers by having their receivables paid early. Invoice Bazaar has a presence across UAE, India, and Singapore.
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As originally published in Financial Express, Thompson Reuters, and more..
