M1xchange sets sights on doubling business volumes next fiscal too

Promoter & Director Sundeep Mohindru foresees launch of ‘trade credit insurance’ in TReDS platform this quarter

Riding on an upswing in both large corporates and MSMEs adoption, TReDS platform M1xchange, a digital invoice discounting platform for MSMEs, is aiming at doubling its business volumes to about ₹90,000 crore in 2024-25, Sundeep Mohindru, Promoter & Director, Mynd Solutions, has said.

This RBI-licenced platform, which has been on a roll in recent years, is on course to close the current fiscal with business volumes of ₹43,000-45,000 crore, nearly double the business volume of ₹23,100 crore recorded in 2022-23, Mohindru told businessline in an interview.

Both the number of large corporates and the number of MSMEs who have onboarded into M1xchange have grown in significant manner this fiscal, he said.

As against 250 large corporates that were live on TReDS in February last year, the current count stood at 412. The number of MSMEs registered with M1xchange has grown to 31,000 from a level of 18,000 in March last year.

In fiscal 2020-21, M1xchange had recorded business volumes of about ₹5,700 crore. This had jumped to ₹12,600 crore in 2021-22.

Currently, MSMEs from 1800 cities are logging in to M1xchange from so far away cities and smaller cities.


Meanwhile, Mohindru said the much-anticipated ‘trade credit insurance’ offering from insurers will go live this quarter. The rollout of trade credit insurance would ensure that more MSMEs will be able to generate liquidity for themselves versus today, he noted.

“This will lead to bump up in MSME financing further because it increases the confidence of the banks. If today banks are giving credit limits only to X category of customers, with insurance as a backup they will be able to further enhance their credit coverage to next level of corporate (from BBB- to BB)”, Mohindru said.

Two insurers have already got insurance regulator IRDAI’s approval to launch credit insurance products, he noted.


Mohindru expressed confidence that the bottomline in 2023-24 will surpass the last fiscal level. Last fiscal was the first full year of profits for the TReDs platform.

He also made it clear that M1xchange was not looking to raise capital for now. Asked if the company intends to go in for an initial public offering in the near term, Mohindru replied in the negative. “There is no such plan for the next two years”,