Team Blitz India
MUMBAI: M1xchange, a trade receivable discounting system (TReDS) platform, has signed a memorandum of understanding (MoU) with the Government of Maharashtra to bolster the financial health of MSMEs.
The partnership envisions targeted initiatives to enhance financial access for local MSMEs, facilitating their growth and sustainability. Through TReDS, MSMEs will get access to collateral-free working capital against invoices within 24 hours at lowest rate through online bidding platform.
A key component of this collaboration is the launch of an extensive awareness programme, conducted jointly by the government of Maharashtra and M1xchange, across various industrial clusters in the state. State Minister for Industries Uday Samant stated that, “The Government of Maharashtra is pleased to partner with M1xchange and this engagement will provide the necessary hand-holding support and guidance to the MSMEs of the state.”
Sundeep Mohindru, Promoter and Director, M1xchange said, “Our collaboration with the government of Maharashtra will foster financial inclusivity and resilience among MSMEs.” 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.
Since its inception in 2017, the exchange has covered invoice discounting worth Rs 80,000 crore. In FY23, the total value of invoices processed by the company increased by 83 per cent to Rs 23,000 crore, compared to Rs 12,600 crore in FY22. With this partnership, the fintech company aims to reach a record value of Rs 45,000 crore invoices by the end of FY24.
