Total amount raised
$23.5 Million
Latest funding date
11/01/2022
Location
M1xchange has successfully raised funding over 8 rounds, with the latest being a Secondary Market round. The platform facilitates the financing of trade receivables for MSMEs, connecting them with a network of financiers.
With notable investors like Filter Capital and Jindal Stainless Steelway, M1xchange continues to expand its impact in the financial services sector. Keep reading to explore the intricacies of M1xchange's fundraising journey and the investors backing this innovative platform.
What Is M1xchange?
M1xchange is a digital platform specializing in invoice discounting under the Trade Receivables Discounting System (TReDS). Based in Gurgaon, Haryana, India, the company operates in the financial services industry, focusing on financial exchanges, fintech, and trading platforms.
Founded to facilitate the financing of trade receivables for MSMEs, M1xchange has grown significantly, employing between 1001 and 5000 people. The platform is licensed by the Reserve Bank of India (RBI) and connects MSMEs with a network of financiers, offering a fully digital and transparent process for early invoice payments.
How Much Funding Has M1xchange Raised?
- Secondary Market
- Amount Raised: INR 324,000,000
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of M1xchange's trade receivables discounting platform.
- Secondary Market
- Amount Raised: INR 380,000,000
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of M1xchange's trade receivables discounting platform.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Mayfield Fund, SIDBI Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth of M1xchange in the underpenetrated market of MSME supply chain finance.
- Series Unknown
- Amount Raised: USD 4,500,000
- Date: December 2020
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the digital onboarding process and user experience through technological solutions.
- Series Unknown
- Amount Raised: USD 10,000,000
- Date: April 2021
- Lead Investors: Amazon
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand M1xchange's reach beyond the current 352 cities and integrate with other government digital initiatives.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 2025
- Lead Investors: Jindal Stainless, Jindal Stainless Steelway
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of M1xchange's trade receivables discounting platform.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: March 2025
- Lead Investors: Jindal Stainless, Jindal Stainless Steelway
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of M1xchange's trade receivables discounting platform.
- Secondary Market
- Amount Raised: INR 840,000,000
- Date: May 2025
- Lead Investors: Filter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and expansion of M1xchange's trade receivables discounting platform.
Total Amount Raised: USD 14,500,000 and INR 1,544,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Filter Capital
- Details: Filter Capital is a private equity firm that focuses on investing in high-growth companies. They have been involved in multiple funding rounds for M1xchange, including the latest Secondary Market round.
- Investment Focus Areas: Financial services, fintech, technology.
- Notable Investments: M1xchange, undisclosed other fintech companies.
- Jindal Stainless Steelway
- Details: Jindal Stainless Steelway is a subsidiary of Jindal Stainless, one of the largest stainless steel conglomerates in India. They have invested in M1xchange to support its growth and expansion.
- Investment Focus Areas: Manufacturing, industrials, infrastructure.
- Notable Investments: M1xchange, various industrial projects.
- Amazon
- Details: Amazon is a global technology company known for its e-commerce platform, cloud computing services, and various other technology-driven services. They led a USD 10 million funding round for M1xchange.
- Investment Focus Areas: Technology, e-commerce, cloud computing, digital transformation.
- Notable Investments: M1xchange, various technology startups.
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology companies. They participated in the USD 10 million funding round for M1xchange.
- Investment Focus Areas: Early-stage technology companies, digital sectors.
- Notable Investments: M1xchange, multiple early-stage tech startups across Asia.
- Mayfield India
- Details: Mayfield India is a venture capital firm that focuses on early-stage investments in India. They have been an investor in M1xchange since 2019.
- Investment Focus Areas: Early-stage companies, technology, innovation.
- Notable Investments: M1xchange, various early-stage companies in India.
What's Next for M1xchange?
As M1xchange looks to the future, the opportunities for growth are vast. The platform aims to expand its reach beyond the current 352 cities, integrating with government digital initiatives and enhancing user experience through technological advancements like mobile apps and digital onboarding. With the potential to digitize 10 million MSMEs by 2025, the scope for growth is immense.
Future fundraising opportunities appear promising, especially with the backing of major investors like Amazon. The involvement of Amazon's $250 million Smbhav Venture Fund suggests that further investments could be on the horizon to support M1xchange's expansion and technological integration. This financial support will be crucial as the platform scales its operations.
However, challenges remain. Ensuring the security and reliability of digital transactions, maintaining a low rate of fraudulent bills, and competing with other TReDS platforms and traditional financing methods are significant hurdles. Navigating regulatory changes and compliance requirements will also be essential as M1xchange continues to grow.
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