Jindal Stainless along with its wholly owned subsidiary, Jindal Stainless Steelway has acquired 9.62 per cent stake in M1xchange. This deal involved a combination of primary capital and a secondary purchase of shares from existing shareholders.
With this investment, M1xchange will continue to accelerate, enabling seamless access to working capital for MSMEs and corporates, further strengthening the digital supply chain financing ecosystem in India, the company said in a statement.
Additionally, this partnership will also assist Jindal Stainless digitise the financing operations, simplifying payment processes, accelerating its broader digitalization efforts, as well as reduce the overall working capital cycle, thereby enhancing operational efficiency across the supply chain structure, the statement added.
Abhyuday Jindal, Managing Director, Jindal Stainless said, “This investment will have a two-pronged advantage – it will empower our domestic and international channel partners – both upstream and downstream; and provide enhanced liquidity to further strengthen JSL’s balance sheets.”
“Our suite of supply chain finance solutions, including TReDS for the domestic market, ITFS (GIFT City) for the global market, and our Channel Finance solution through Mynd Fintech, will empower JSL and its ecosystem partners to enhance growth and competitiveness. This strategic partnership will greatly expand access to working capital solutions for JSL’s suppliers and customers, both across India and globally,” said Sundeep Mohindru, Promoter and Director, M1xchange.