KredX vs RXIL — Rates, Fees & Which One Fits Your Business (2026)
KredX and RXIL solve the same problem for Indian MSMEs, getting paid before your invoice due date, but they work differently. RXIL is an RBI-licensed TReDS exchange run by SIDBI and NSE, where multiple financiers bid on your invoice. KredX started as a private marketplace that prices invoices individually and doesn't require your buyer to be registered anywhere. This guide compares both on rate, fee, speed, and buyer coverage, with a calculator and a platform picker.
AK
Ananya Krishnan
MSME Finance & TReDS Research Analyst · Ex-SIDBI & Deloitte
📖 12 min read🧮 Fee calculator included📅 Verified July 2026
8–15%RXIL rate range p.a.
14.4–24%KredX marketplace rate range p.a.
2017RXIL TReDS launch
₹228,000 Cr+RXIL volume facilitated (Sept 2025)
Quick Verdict
Choose RXIL if
Your buyer is a large corporate, PSU, or government entity, and especially if they're already registered on a TReDS platform. You'll typically get a lower rate through the auction.
Choose KredX if
Your buyer isn't on any TReDS exchange and won't register. KredX's marketplace product underwrites the invoice directly, at a higher rate than RXIL's auction.
The one-line test: Is your buyer registered on a TReDS platform? If yes, check RXIL first. If no, KredX's marketplace product is likely your only option between the two.
What KredX and RXIL Actually Are
RXIL, short for Receivables Exchange of India Limited, is a joint venture between SIDBI and the National Stock Exchange. It received RBI approval to run India's first TReDS exchange and began operating in January 2017. RXIL is also backed by SBI, ICICI Bank, and Yes Bank as shareholders. On TReDS, your invoice goes into an auction where multiple RBI-regulated banks and NBFCs bid to finance it, and you accept the lowest rate.
KredX started as a private invoice discounting marketplace, connecting businesses that need early payment with investors who fund the invoice for a return. This product sits outside the TReDS framework, which is why it doesn't require your buyer to be registered anywhere. KredX later received RBI approval to run its own TReDS platform, called DTX, becoming the fifth licensed TReDS operator after RXIL, M1xchange, Invoicemart, and C2treds. Most comparisons between the two companies, including this one, focus on KredX's original marketplace product against RXIL, since that's the product most sellers encounter when researching KredX.
The comparison that matters
KredX's marketplace and RXIL's TReDS exchange solve overlapping problems with different mechanics. RXIL needs your buyer on the exchange and rewards you with a lower, auction-driven rate. KredX needs no buyer registration and prices the invoice on its own underwriting, at a higher rate. Neither is universally better; the right one depends on your buyer.
Full Comparison: KredX vs RXIL
FactorKredX (marketplace)RXIL (TReDS)
StructurePrivate marketplace: investors bid on individual invoicesRBI-licensed TReDS exchange: RXIL joint venture between SIDBI and NSE✓ Win
RBI licenseCore marketplace product is not TReDS-licensed. KredX also operates DTX, a separate RBI-licensed TReDS platformRBI-licensed TReDS exchange since January 2017✓ Win
Buyer must be registered on the platformNo — works with almost any creditworthy buyer✓ WinYes — buyer must also be onboarded on RXIL
Typical discount rate~14.4–24% p.a. on the core marketplace product~8–15% p.a., set by competitive auction✓ Win
Pricing mechanismIndividually quoted per invoice by KredX's underwritingOpen auction among registered banks and NBFCs✓ Win
Advance percentageUp to 90% of invoice face value80–100% depending on buyer and platform
Funding speed after acceptance24–72 hours once an investor funds the invoice24–72 hours after the buyer accepts and the auction closes
First-time onboardingRoughly 10–14 daysRoughly 7–15 working days
PSU and government buyer coverageLimited on the core marketplace productStrong. The only TReDS platform to have onboarded state government entities✓ Win
MSME seller registration costFree to register; fees apply per transactionFree✓ Win
RecourseVaries by agreement — read the contract termsWithout recourse on TReDS by RBI mandate✓ Win
MSME baseNot publicly disclosed in comparable terms50,000+ MSMEs onboarded, ₹228,000+ crore facilitated as of September 2025✓ Win
Best suited forSellers whose buyer is not on any TReDS platform, or who need funding a bank relationship can't offerSellers whose buyer is already registered, especially large corporates, PSUs, or government departments
Rates and figures reflect publicly stated ranges as of July 2026. Confirm current terms directly with each platform before applying.
Fee Calculator
Enter an invoice amount and tenure to see an estimated cost on each platform. This uses the midpoint of each platform's publicly stated rate range, not a live quote.
Fee Calculator
Estimate Your Financing Cost
Uses the midpoint of each platform's stated rate range. Actual rates depend on your buyer and, on RXIL, the auction result.
Financing cost
₹18,904
Platform fee
₹0
Total cost
₹18,904
Net received
₹9,81,096
Illustrative only. RXIL's actual rate is set by auction and varies by buyer credit profile — this calculator does not connect to either platform's live pricing.
Which Platform Fits You
The decision mostly comes down to your buyer. Answer three questions for a recommendation:
Decision Tool
Which Platform Fits Your Invoice?
Answer 3 questions for a recommendation.
Question 1
Is your buyer already registered on a TReDS platform?
Question 2
What matters most for this invoice?
Question 3
What type of buyer is on the invoice?
Worked Examples
Two scenarios showing how the same invoice size plays out on each platform:
Example A
₹15 lakh invoice, buyer on RXIL
RXIL ✓
A components supplier invoices a listed auto parts buyer already registered on RXIL for ₹15 lakh at 60-day terms. The buyer accepts within 3 days, and the auction closes at 10.8% p.a.
₹15,00,000
Invoice value
10.8% p.a.
Auction rate
₹26,630
Financing cost (60 days)
₹14,73,370
Net received
Example B
₹15 lakh invoice, buyer not on any TReDS platform
KredX ✓
The same supplier invoices a mid-size private buyer with no TReDS registration for ₹15 lakh at 60-day terms. RXIL isn't an option here, so the supplier uses KredX's marketplace, which quotes 18% p.a. plus a 1% platform fee.
₹15,00,000
Invoice value
18% p.a.
KredX rate
₹59,384
Financing cost + fee (60 days)
₹14,40,616
Net received
The difference between the two examples, roughly ₹32,750 on the same invoice size and tenure, is not a platform quality gap. It's the cost of buyer eligibility. RXIL can only get MSMEs a lower rate when the buyer is already on the exchange.
Decision Matrix
If you are...Use
Supplying a PSU or government departmentRXIL
Supplying a large listed corporate already on TReDSRXIL
Supplying a buyer under ₹500 crore turnover, not on TReDSKredX
A new business without an established bank relationshipEither — compare quotes
Needing funding on an ad hoc buyer KredX has underwritten beforeKredX
Trying to minimize rate above all else, and buyer is eligibleRXIL
Eligibility & Documents
RXIL
→Udyam Registration Certificate
→GST Registration Certificate
→Business PAN
→Current account bank details
→KYC of directors or partners
→Buyer must also be registered on RXIL
KredX
→GST Registration Certificate
→Business PAN
→Current account bank details
→KYC of directors or partners
→Invoice from a buyer KredX is willing to underwrite
→No requirement for buyer registration on any platform
Verify current terms before applying
Rates, fees, and eligibility rules change. Confirm current numbers directly with RXIL or KredX before submitting an invoice. Nothing here is financial advice.
FAQ — KredX vs RXIL
No. RXIL is a joint venture between SIDBI and NSE and runs an RBI-licensed TReDS exchange that started operating in January 2017. KredX began as a private NBFC-style invoice marketplace outside the TReDS framework, and later launched its own RBI-licensed TReDS platform called DTX. Most comparisons, including this one, are comparing KredX's original marketplace product against RXIL's TReDS auction, since that's the product most MSMEs encounter first.
RXIL is usually cheaper. Its TReDS auction draws bids from multiple RBI-regulated banks and NBFCs competing against each other, which pushes rates down to roughly 8–15% p.a. for well-rated buyers. KredX's core marketplace product runs closer to 14.4–24% p.a. because each invoice is priced individually by KredX rather than through open bidding. KredX's own TReDS platform, DTX, competes on rate closer to RXIL.
Yes. RXIL only discounts invoices where the corporate buyer is also registered on the platform. Companies with turnover above ₹500 crore are required by RBI mandate to register on at least one TReDS platform, so many large buyers are already on RXIL, M1xchange, or Invoicemart. Check your specific buyer before assuming eligibility.
Yes. This is the main reason MSMEs pick KredX's marketplace product over RXIL: it does not require the buyer to be onboarded anywhere. KredX underwrites the invoice directly and lists it for its investor base.
Both are fast once an invoice is live. RXIL typically disburses within 24–72 hours after the buyer accepts the invoice and the auction closes. KredX advances funds within 24–72 hours of investor funding on its marketplace product. The slower part on both platforms is first-time onboarding, which runs 7–15 working days.
No, but it is a strength. RXIL has private corporate buyers as well as PSU and government buyers, and it is the only TReDS platform to have onboarded state government entities. If your buyer is a government department, RXIL is worth checking first.
Many MSMEs do. RXIL registration is free, and KredX has no registration cost either — fees apply per transaction on both. Registering on both means you can use whichever platform your specific buyer supports, or whichever quotes the better rate for a given invoice.