New Delhi: B2B e-commerce firm Indiamart Intermesh has acquired a stake in trade receivable discounting system services firm M1xchange for Rs 32.4 crore, the fintech firm said on Monday. has earlier announced a deal to acquire 7.7 per cent in M1xchange for Rs 32.4 crore and the transaction closes with the fintech firm securing the deal amount.
“M1xchange, India’s largest TReDS platform, has secured over Rs 324 million in secondary funding from Indiamart Intermesh Limited, in a deal that provided part exit to SIDBI Venture Capital Limited, an early investor in the company,” M1xchange said in a statement.
SIDBI Venture was the first institutional investor in the company.
“SIDBI Venture Capital Limited has partly exited with a return on investment of around 7 times, on the investment made in first tranche in 2015,” the statement said.
Indiamart founder and managing director Dinesh Agarwal said that this investment is in line with the company’s long-term objective of offering various fintech solutions, including invoice discounting for its customers bringing “massive value to our business”.
“TReDS is the future vehicle for India’s fund starved sectors attractive for the finance companies and banks as well,” Agarwal said. PTI PRS MKJ
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
