- This growth aligns with the state government’s vision of “Aatmanirbhar Gujarat,” which aims to empower MSMEs and women entrepreneurs
- Gujarat boasts the fourth highest MSME population in India, with Surat alone contributing significantly with over 377,000 Udyam-registered MSMEs
- Currently, Surat accounts for 10% of M1xchange’s MSMEs and contributes 15% to its total throughput value
- M1xchange has facilitated over Rs 1,00,000 crores worth of invoice discounting since inception and aims to achieve Rs 72,000 crores in throughput value in FY 25
NE BUSINESS BUREAU
SURAT, JUNE 12
M1xchange, India’s leading invoice discounting platform, is witnessing a surge in MSME growth in Gujarat, particularly in Surat, a key industrial hub. This growth aligns with the state government’s vision of “Aatmanirbhar Gujarat,” which aims to empower MSMEs and women entrepreneurs.
Key industries driving this growth include textiles, infrastructure, and agriculture, with promising developments in automotive and energy sectors. Gujarat boasts the fourth highest MSME population in India, with Surat alone contributing significantly with over 377,000 Udyam-registered MSMEs.
M1xchange bridges the working capital gap for MSMEs through digital solutions, facilitating faster onboarding and higher throughput value. Currently, Surat accounts for 10% of M1xchange’s MSMEs and contributes 15% to its total throughput value.
“Surat’s MSMEs are on a remarkable growth path, fuelled by the state government’s support and digital adoption,” said Sundeep Mohindru, Promoter & Director of M1xchange.
“Our platform offers quick access to collateral-free and without recourse working capital within 24 hours via invoice discounting, empowering MSMEs to scale their operations,” Mohindru added.
M1xchange’s growth reflects the national upsurge in invoice discounting via TReDS. The company plans to onboard 30,000 more MSMEs in FY25, reaching a total of nearly 60,000. Additionally, they aim to bring on board 500 more corporates and 20 more financiers, primarily NBFCs.
M1xchange has facilitated over Rs 1,00,000 crores worth of invoice discounting since inception and aims to achieve Rs 72,000 crores in throughput value in FY 25, higher than Rs 43,300 crore in FY24.
The company recently expanded the scope of TReDS with “M1xchange Small-Small,” a solution specifically designed for cash-flow-based financing for small MSMEs on the platform.
