- M1xchange has facilitated the discounting of invoices worth over INR 1.7 Lakh Cr.
- The $10 Mn investment came through a secondary deal led by Filter Capital.
Digital supply chain financing platform M1xchange has raised $10 Mn (approximately INR 84 Cr) through a secondary transaction from investment firm Filter Capital.
The Gurugram-based startup plans to use the funds to strengthen its invoice-based financing solutions for micro, small, and medium enterprises (MSMEs).
Founded by Sundeep Mohindru and Vivek Misra in 2016, M1xchange operates as a TReDS (Trade Receivables Discounting System) platform. It connects over 65 banks with more than 50,000 MSMEs, allowing them to finance working capital needs through discounted invoices and bills.
The platform claims to have discounted over INR 1.7 Lakh Cr worth of receivables to date.
TReDS platforms are designed to increase transparency, ensure timely payments, and boost liquidity for MSMEs by providing access to multiple financiers in one place.
“…we remain committed to driving financial access for MSMEs and creating long-term value for our stakeholders,” said cofounder Sundeep Mohindru.
This funding follows Jindal Stainless and its subsidiary acquiring a 9.62% stake in M1xchange just a month earlier. In 2022, IndiaMART and BEENEXT acquired additional stakes of 3.4% and 1.99%, respectively, in the startup.
Filter Capital’s $100 Mn India Fund I, closed last year, has also backed startups such as Capillary Technologies, Chalo Mobility, and LoadShare Networks.
With global trade expansion, digital supply chain financing is poised to bridge gaps in international commerce. A report by Standard Chartered suggests that digital solutions in this space could increase trade across Asia, Africa, and the Middle East by 7.5%, reaching $11.3 Tn by 2030.
Edited by Annette George
