Delhi NCR-headquartered trade receivable discounting system (TReDS) platform M1xchange signs a memorandum of understanding (MoU) with the Government of Andhra Pradesh to enhance financial access for local Micro, Small & Medium Enterprises (MSMEs) in the state to facilitate their growth and sustainability.
Through TReDS, MSMEs are expected to get access to working capital against invoices within 24 hours at the lowest rate through its online bidding platform, collateral-free and without recourse on MSMEs.
Sundeep Mohindru, director of M1xchange said, this MoU is a pivotal step towards empowering the MSME sector in Andhra Pradesh by streamlining access to working capital through TReDS.
“Our joint efforts aim to ensure that MSMEs receive timely payments, thereby improving their cash flow and fostering growth,” said Mohindru.
So far, the trade receivable discounting platform M1xchange has facilitated Rs 1,00,000 crore worth of invoice discounting. The company is expecting Rs 72,000 crore in throughput value (total value of invoices processed) by March 2025, higher than Rs 43,300 crore in FY24.