India, May 12 -- Supply chain financing platform M1xchange has raised $10 Mn (around INR 84 Cr) from Filter Capital via secondary deal.

The startup plans to use the fresh capital to boost its digital supply chain financing for micro, small and medium enterprises (MSMEs).

Founded by Sundeep Mohindru and Vivek Misra in 2016, M1xchange is a TReDS platform that facilitates financing of MSMEs based on invoice and bills. It has a network of more than 65 banks and 50K MSMEs.

It claims to have discounted invoices and bills worth INR 1.7 Lakh Cr so far.

TReDS enables the discounting of trade receivables on an electronic platform for MSMEs through multiple financiers. The system has been envisaged with fostering transparency, ensuring timely pa...