Online Exchange For Trade Receivables ‘M1xchange’ Raises $4.5 Million In Funding
M1xchange, an online exchange for trade Receivables, has raised $4.5 million (about Rs 33 crore) in funding from BEENEXT Asia, Singapore, and existing investor Mayfield.
As per the startup, it will use the funds to expand its network across India and emerge as a comprehensive supply chain finance leader.
Started in 2017, M1xchange is an online exchange for Trade Receivables Discounting System “TReDS” set up under the approval of Reserve Bank of India (RBI) to facilitate discounting of invoices and Bills of exchange on a PAN India basis.
The startup has scaled up to discount invoices worth more than Rs 10,000 crore.
Talking about the platform, Sundeep Mohindru, CEO of M1xchange, said,
“The pandemic has had a profound effect on supply chains, businesses, and economies. In the last few months, a substantial positive movement has been felt for growth in business volumes versus the previous quarter, and this is also reflected in the surge in volumes on M1xchange (TReDS).”
Sundeep Mohindru also added that MSMEs across 352 cities have logged into TReDS platform since the pandemic. He also claimed that M1xchange have discounted invoices at a rate of interest ranging between 4.75% per annum and 8% per annum.
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