M1xchange Raises $10Mn From Filter Capital To Boost Supply Chain Financing For MSMEs

M1xchange,a supply chain financing platform has raised $10 Mn (around Rs 84 Cr) from Filter Capital via secondary deal.

This investment comes less than two months after Jindal Stainless and its unit bought a 9.62% stake in the Gurugram-based fintech company. With this round, M1xchange has now raised around $45 million in funding from investors like SIDBI Venture, Amazon, indiamart, BEENEXT and Mayfield.

The deal shows growing trust among investors in digital supply-chain finance, which is helping India’s credit-starved MSMEs (micro, small, and medium enterprises).

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"This marks an important milestone in M1xchange’s journey of innovation, technology‑led growth and financial inclusion," Mohindru, the chief executive, said.

"Filter Capital shares our long-term vision and deep understanding of scaling technology-first businesses. Their investment reinforces our commitment to building a transparent and comprehensive supply chain finance ecosystem for MSMEs and enterprises in India."

"India has over 60 million MSMEs contributing nearly 30% to GDP, but access to formal credit remains limited,” said Nitin Nayar, Co-founder and Managing Partner at Filter Capital. "M1xchange has built a platform that uniquely addresses this credit gap, and we believe the team is well-positioned to drive scalable impact."

Zareer Shroff, Principal at Filter Capital, said: “M1xchange has consistently combined innovation with financial discipline. They have built a scalable three-sided exchange with strong network effects and a clear win-win for all ecosystem players."

About M1xchange 

Founded in 2017 by Sundeep Mohindru and Vivek Misra, M1xchange runs a Trade Receivables Discounting System (TReDS) platform that helps MSMEs, corporates and financiers get invoice financing worth about ₹10,000 crore ($1.2 billion) every month.

So far, the platform says it has enabled over ₹1.75 lakh crore ($20 billion) in invoice discounting and has onboarded 50,000 MSMEs, 2,800 corporates and 66 financial institutions, including banks and NBFCs.

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