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India, 12th May 2025: Filter Capital, a growth-stage investment firm targeting technology-led businesses in India, has acquired approximately $10 million (84 Cr) worth of stake in M1xchange, India����ֱ�� leading Trade Receivables Discounting System (“TReDS”) platform. This investment, made through a secondary transaction, highlights Filter Capital����ֱ�� belief in the potential of digital supply chain finance in driving financial access for India����ֱ�� micro, small and medium-sized businesses (“MSMEs”).

India����ֱ�� supply chain finance sector is witnessing accelerated growth, driven by the need for faster working capital access for MSMEs and digital transformation across industries. With the RBI����ֱ�� TReDS framework, digital platforms are increasingly becoming the backbone of MSME financing. Amid this evolution, M1xchange, set up by Sundeep Mohindru and Vivek Misra, has emerged as a category-defining player—facilitating invoice financing of nearly ₹10,000 crore ($1.2 billion) each month, empowering MSMEs with faster access to working capital and driving adoption across corporates, vendors, and financial institutions.

“This marks an important milestone in M1xchange����ֱ�� journey of innovation, technology-led growth, and financial inclusion. The values of Filter Capital are closely aligned with ours – long-term thinking, a customer-first execution approach, and a strong understanding of scaling technology-first businesses. The investment by Filter Capital reinforces our vision of building a digitally empowered, transparent, and comprehensive bouquet of supply chain finance ecosystem for MSMEs and Enterprises in India. We remain committed to driving financial access for MSMEs and creating long-term value for our stakeholders,” said Sundeep Mohindru, Founder and CEO of M1xchange.

To date, M1xchange has facilitated over ₹1.75 lakh crore, or $20 billion, of invoice discounting. The platform has witnessed a 100% YoY growth and has a base of 50,000+ MSMEs and 2,800+ corporates with over 66 banks and NBFCs.

“M1xchange has consistently demonstrated the ability to keep innovating, while delivering revenue growth coupled with financial discipline. They have built a scalable, three-sided exchange with network effects and a clear win-win proposition for all stakeholders,” said Zareer Shroff, Principal at Filter Capital. “We are proud to partner with a team that is leading the charge in modernizing supply chain finance.”

“India has over 60 million MSMEs that contribute nearly 30% to the country����ֱ�� GDP, yet this segment remains severely underserved when it comes to access to formal credit,” added Nitin Nayar, Co-Founder and Managing Partner at Filter Capital. “The Company has built a unique platform addressing this gap, and we believe this team is strongly positioned to drive meaningful and scalable impact.