M1xchange, Haryana Govt. join hands to provide easy financial access to MSMEs in Haryana State

~ To provide invoice discounting services and easy financial access to MSMEs~

~M1xchange aims to process invoice financing worth 45,000 crore by the end of FY24~

Trade Receivables Discounting System (TReDS) Platform M1xchange has signed an Agreement with Government of Haryana, to provide invoice discounting services and easy financial access to MSMEs working for various government departments and PSUs of the state.

The agreement was signed on 11th Oct 2023, in the presence of Hon’ble Chief Minister of Haryana Shri Manohar Lal Khattar, Hon’ble Deputy Chief Minister, Shri Dushyant Chautala, Shri Sanjeev Kaushal, Chief Secretary, Shri Anand Mohan Sharan, ACS, Industries & Commerce, and Shri Shekhar Vidyarthi, DG Industries & MSME, and representatives from various industry associations.

Under the strategic partnership, M1xchange and the Government of Haryana aim to boost the MSME ecosystem in the region through enabling early payment for MSMEs working for Government departments and PSUs and Private Companies based in Harayana at very competitive prices. This will make the industry in Haryana more competitive.

In Haryana, 5.9 lakh MSMEs are registered on the Udyam platform. This initiative will transform the MSME sector by providing them with easy access to working capital against invoices without the need for hard collateral. It will also provide a smooth onboarding and payment process for MSMEs.

Since its inception in 2017, M1xchange has facilitated invoice discounting worth INR 65,000 Crore. In FY23, the total value of invoices processed by the company increased by 83% to INR 23,000 Crore, compared to INR 12,600 Crore in FY22. With this partnership, the fintech company aims to reach a record value of INR 45,000 crore invoices by the end of FY24.

Sundeep Mohindru, Promoter & Director, M1xchange said, “We are extremely grateful to have the opportunity to work with the Government of Harayana to enhance business opportunities for MSMEs in the state. The partnership will play a big role in addressing credit gaps faced by the MSME sector; giving them an opportunity to easily avail of receivable financing through TReDS. M1xchange is happy to partner with the state government to provide working capital to MSMEs in the easiest and most cost effective manner.”

The success of M1xchange is driven by a state-of-the art in-house technology platform that is available across web and mobile. The entire process of customer onboarding, factoring, settlement etc. is digital and enables a world-class experience for each participant.