Total amount raised
$51M
Latest funding date
2025-05-12
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.
M1xchange has raised funding across multiple rounds backed by investors including Amazon, BEENEXT, Mayfield, IndiaMART, Jindal Stainless, and Filter Capital.
Keep reading to explore M1xchange's fundraising journey.
What Is M1xchange?
M1xchange is an RBI-licensed Trade Receivables Discounting System (TReDS) platform operated by Mynd Solutions Pvt. Ltd. Based in India and founded in 2016, M1xchange connects MSMEs (sellers), corporate buyers, and financiers on a digital marketplace that enables MSME invoice discounting. Suppliers can receive early payments within 24 hours on approved invoices without collateral. The platform serves over 10,000 corporates and 74+ financier partners across diverse sectors including auto-ancillary, e-commerce, infrastructure, and metals & mining.
How Much Funding Has M1xchange Raised?
- Series A
- Amount Raised: Undisclosed
- Date: January 2019
- Lead Investors: Mayfield India, SIDBI Venture Capital
- Venture Round
- Amount Raised: USD 4,500,000
- Date: December 2020
- Lead Investors: BEENEXT Asia; participated by Mayfield
- Venture Round
- Amount Raised: USD 10,000,000
- Date: April 2021
- Lead Investors: Amazon (Amazon Smbhav Venture Fund); participated by BEENEXT, Mayfield
- Secondary Market
- Amount Raised: INR 324,000,000 (~USD 4,300,000)
- Date: November 2021
- Lead Investors: IndiaMART InterMESH (acquired 7.7% stake; partial exit by SIDBI Venture Capital)
- Secondary Market
- Amount Raised: INR 380,000,000 (~USD 4,600,000)
- Date: November 2022
- Lead Investors: IndiaMART InterMESH, BEENEXT (exit by SIDBI Venture Capital's India Opportunities Fund)
- Secondary Market / Corporate Round
- Amount Raised: INR 1,540,000,000 (~USD 18,000,000)
- Date: March 2025
- Lead Investors: Jindal Stainless, Jindal Stainless Steelway (9.62% stake; combination of primary capital and secondary share purchase)
- Secondary Market
- Amount Raised: INR 840,000,000 (~USD 10,000,000)
- Date: May 2025
- Lead Investors: Filter Capital
Total Amount Raised: At least $51.4M based on disclosed funding (undisclosed Series A amount not included in sum).
Key Investors
- Mayfield India
- Details: Mayfield India is a venture capital firm that has backed M1xchange since its Series A in January 2019 and continued participation through multiple subsequent rounds.
- SIDBI Venture Capital
- Details: SIDBI Venture Capital co-led the Series A in January 2019. SIDBI had been an early investor in M1xchange since 2015 and exited via secondary sales to IndiaMART in 2021 and 2022, achieving approximately 7x return.
- BEENEXT Asia
- Details: Singapore-based BEENEXT Asia led the December 2020 round of USD 4.5M alongside Mayfield, and also participated in the April 2021 Amazon-led round and the November 2022 secondary transaction.
- Amazon (Amazon Smbhav Venture Fund)
- Details: Amazon led the April 2021 round of USD 10M through its Amazon Smbhav Venture Fund, which was its debut investment from the $250M India-focused fund.
- IndiaMART InterMESH
- Details: IndiaMART participated in secondary transactions in November 2021 (acquiring a 7.7% stake for ~INR 32.4 crore) and November 2022 (acquiring an additional 3.4% stake as part of the INR 38 crore round).
- Jindal Stainless / Jindal Stainless Steelway
- Details: Jindal Stainless and its subsidiary JSSL invested ~INR 154 crore (~USD 18M) in March 2025 for a combined 9.62% stake through both primary capital and secondary share purchases.
- Filter Capital
- Details: Growth-stage investment firm Filter Capital acquired a stake in M1xchange in a secondary transaction of INR 84 crore (~USD 10M) announced in May 2025. Key contacts include Nitin Nayar (Co-Founder & Managing Partner) and Zareer Shroff (Principal).
What's Next for M1xchange?
M1xchange is well-positioned to continue expanding its footprint in India's MSME financing ecosystem. With growing regulatory support for TReDS platforms and an increasing number of corporates mandated to onboard such systems, the platform is set to benefit from structural tailwinds. The fresh capital from Filter Capital is expected to further accelerate M1xchange's digital transformation of supply chain finance, broaden its network of MSMEs and corporates, and deepen its financier partnerships. As India's MSME sector continues to grow, M1xchange's role as a critical enabler of working capital liquidity looks set to strengthen further.
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