M1xchange raises $10mn funding from Amazon and others

M1xchange, Amazon, funding, million, Mayfield, BEENEXT, Trade Receivables Discounting System, MSMEs, Singapore M1xchange, an RBI-approved trade receivable discounting system, announced it has raised $10 million in its current funding round. The round was led by Amazon and witnessed participation from BEENEXT and existing investor Mayfield.

Started in 2017, the TReDS (Trade Receivables Discounting System) platform enables micro, small and medium enterprises to get a payment of their invoices raised to their corporate customers from banks in 72 hours. The banks make the payment to MSMEs on invoices presented before them through TReDS based on the credit record of the corporate, and the payment is later made by the corporate to the banks.

“We are proud to welcome a global technology company like Amazon to join us as a shareholder in our goal to become a leader in supply chain finance. Over the last decade, India has gone through a sea change in the enormous number of MSMEs now selling their wares online,” Sundeep Mohindru, Chief Executive Officer of M1xchange, said according to media reports.

“Over the last decade, India has gone through a sea change in the enormous number of MSMEs now selling their wares online. Our approach to supply chain finance will also benefit the large ecosystem of vendors built by Amazon in India,” Mohindru said.

“With this new funding, we plan to further expand our reach beyond the 352 cities from where MSMEs currently enjoy the benefit of discounted invoices,” M1xchange founder Sundeep Mohindru added.

Last year, M1xchange had raised USD 4.5 million in funding from Beenext Asia, Singapore and Mayfield.

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