M1xchange & Haryana Govt. to deliver financial access to MSMEs in Haryana

By Gloria Mathias

Trade Receivables Discounting System (TReDS) Platform, M1xchange has signed an Agreement with the Govt. of Haryana, to provide invoice discounting services and easy financial access to MSMEs working for various government departments and PSUs of the state.

The agreement was signed on 11th Oct 2023, in the presence of Hon’ble Chief Minister of Haryana Shri Manohar Lal Khattar, Hon’ble Deputy Chief Minister, Shri Dushyant Chautala, Shri Sanjeev Kaushal, Chief Secretary, Shri Anand Mohan Sharan, ACS, Industries & Commerce, and Shri Shekhar Vidyarthi, DG Industries & MSME, and representatives from various industry associations.

Under the strategic partnership, M1xchange and the Government of Haryana aim to boost the MSME ecosystem by enabling early payment for MSMEs working for Government departments and PSUs and Private Companies based in Haryana at very competitive prices.

This initiative will transform the MSME sector by providing them with easy access to working capital against invoices without the need for hard collateral. It will also provide a smooth onboarding and payment process for MSMEs.

Sundeep Mohindru, Promoter & Director, M1xchange said, “We are extremely grateful to have the opportunity to work with the Government of Haryana to enhance business opportunities for MSMEs in the state. The partnership will play a big role in addressing credit gaps faced by the MSME sector; giving them an opportunity to easily avail of receivable financing through TReDS. M1xchange is happy to partner with the state government to provide working capital to MSMEs in the easiest and most cost-effective manner.”

The success of M1xchange is driven by an in-house technology platform that is available across the web and mobile. The entire process of customer onboarding, factoring, settlement etc. is digital and enables a world-class experience for each participant.

M1xchange is a TReDS exchange platform. The platform facilitates the financing of trade receivables of MSMEs from corporate buyers through ‘factoring’ or ‘invoice discounting’ by financiers (Banks and NBFC).