TReDS platform M1xchange on Thursday announced that it has raised $10 million in funding, led by e-commerce giant Amazon. BEENEXT and existing investor, Mayfield also participated in the round.
Last year, M1xchange raised $4.5 million in funding from Beenext Asia, Singapore and Mayfield.
The TReDS platform helps micro, small, and medium enterprises (MSMEs) to receive 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.
Since its inception over three years ago, M1xchange has discounted invoices aggregating $1.7 billion across 10,000 MSME suppliers.
Commenting on the investment, Sundeep Mohindru, Chief Executive Officer of M1xchange, said, “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.”
He added that the company’s approach to supply chain finance will also help the large ecosystem of vendors built by Amazon in India.
“This investment comes at a time when M1xchange is working towards integrating this secured marketplace for receivables financing with other government digital initiatives. 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,” he said.
M1xchange connects MSMEs with banks and financiers (and vice versa) through the marketplace exchange and an MSME can allot its invoice dues to a bank or financier and obtain financing at better rates, thereby, solving the payments challenge for MSMEs, Amazon said in its statement.
M1exchange offers various unique features and an amazing user experience. The latest funding will help them achieve their target of becoming a pioneer in the industry.Shishir Gupta, Founder and CEO, StartupLanes
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