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Amazon leads funding for SME finance platform M1xchange
Photo Credit: 123RF.com

Ecommerce giant Amazon has led a $10 million (Rs 74.4 crore) round for Gurugram-based M1xchange, which is operated by Mynd Solutions Pvt Ltd.

M1xchange, which offers a fintech platform where small businesses can auction their trade receivables to get capital from banks, said that the round also saw existing investors Beenext and Mayfield.

VCCircle first reported the development almost three weeks back.

“This comes at a time when M1xchange is working towards integrating the marketplace for receivables financing with other government digital initiatives. With this funding, we plan to expand our reach beyond 352 cities,” said Sundeep Mohindru, CEO of M1xchange.

The company, founded by Mohindru and Vivek Misra, and launched in 2017, has a presence in Gurugram, Maharashtra, Karnataka, Tamil Nadu, and West Bengal.

It raised $4.5 million in December last year from Mayfield, Beenext and SIDBI Venture Capital Fund.  

M1xchange currently supports financing options from 35 banks.

Amazon has made several bets in the recent past, namely, those on beauty brand MyGlamm, online insurer Acko and online financial services marketplace BankBazaar.

“We are continuously exploring different ways to help MSMEs scale their business and grow… we believe an efficient digital exchange like M1xchange will encourage many more MSMEs to adopt ecommerce to access a nationwide customer base,” said Amit Agarwal, country head, Amazon India.

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