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Jindal Stainless invests $18 Mn in Amazon-backed M1xchange

EntrackrEntrackr · 5m ago
Jindal Stainless invests $18 Mn in Amazon-backed M1xchange
Medial

Jindal Stainless invests $18 Mn in Amazon-backed M1xchange Following this investment, M1xchange will provide working capital access to MSMEs and corporates, contributing to the growth of the digital supply chain financing ecosystem in India. Jindal Stainless, along with its wholly-owned subsidiary Jindal Stainless Steelway Limited, has acquired a 9.62% stake in M1xchange, a platform that facilitates digital invoicing and discounting for MSMEs, corporates, and financiers. The deal included primary capital and a secondary purchase of shares from existing shareholders, the company said in a press release. According to Jindal Stainless, the cost of acquiring a 5.03% stake is approximately Rs 102.7 crore ($12 million). The total cost for acquiring a 9.62% stake, including the stake acquired by JSSL, is around Rs 154 crore ($18 million). The partnership will help Jindal Stainless digitize financing operations, streamline payment processes, accelerate digitalization efforts, and reduce the working capital cycle. Founded in 2017, M1xchange is a digital invoicing and discounting platform that ensures working capital requirements are met without the need for extensive bank processes. The company generates revenue through professional fees for these services. Since its inception, M1xchange claims to have onboarded more than 65 banks, 2,000 corporates, and over 48,000 MSMEs and has facilitated the discounting of invoices worth more than Rs 160,000 crore. M1xchange has raised over $19 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore.

Amazon-backed M1xchange raises $10 Mn from Filter Capital

EntrackrEntrackr · 3m ago
Amazon-backed M1xchange raises $10 Mn from Filter Capital
Medial

M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.

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