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M1xchange had earlier raised $4.5 million from Beenext and Mayfield in December last year. The firm also counts SIDBI Ventures among its investors.
“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,” M1xchange founder Sundeep Mohindru said in a statement.
Started in 2017 under the TReDS (Trade Receivables Discounting System) licence issued by the Reserve Bank of India (RBI), M1xchange aims to solve the payments challenge for MSMEs by connecting them with banks and financiers through the marketplace exchange.
At ₹1,000 cr, RXIL records highest monthly transaction volume in March thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.