M1xchange Doubles TReDS Volumes to Rs 80 Billion in FY25
ECONOMY & POLICY

M1xchange Doubles TReDS Volumes to Rs 80 Billion in FY25

M1xchange, a leading Trade Receivables e-Discounting System (TReDS) platform, recorded invoice discounting worth over Rs 80 billion in FY 2025—twice the volume achieved in the previous year.
Founder-director Sundeep Mohindru told Business Standard that rising U.S. tariffs are increasing costs and altering trade flows, creating fresh challenges for Micro, Small, and Medium Enterprises (MSMEs). Many of these businesses face prolonged payment cycles, making fast and affordable access to working capital critical.
TReDS is emerging as a vital solution, enabling MSMEs to secure payments in under 24 hours at competitive rates. This rapid funding helps them manage higher input costs and market volatility without stalling growth. Mohindru noted that global economic pressures have made TReDS more important than ever in sustaining MSME health.
Government policy changes are also spurring adoption, with the turnover threshold for mandatory TReDS registration now lowered to include more MSMEs. Additionally, the Small-to-Small (S2S) financing model is being promoted, enabling invoice discounting between MSMEs themselves and reducing reliance on traditional banks.
The S2S model is supported by a Credit Analytics Engine that evaluates creditworthiness using bank statements, GSTN data, and TReDS transaction history. Once approved, MSMEs can access early payment funding, cutting costs for buyers and sellers, improving cash flow, and enhancing competitiveness.
Mohindru emphasised that as MSMEs contend with tariff-driven cost pressures, TReDS must continue providing flexible financial support to help businesses navigate challenges and strengthen their global market position. 

M1xchange, a leading Trade Receivables e-Discounting System (TReDS) platform, recorded invoice discounting worth over Rs 80 billion in FY 2025—twice the volume achieved in the previous year.Founder-director Sundeep Mohindru told Business Standard that rising U.S. tariffs are increasing costs and altering trade flows, creating fresh challenges for Micro, Small, and Medium Enterprises (MSMEs). Many of these businesses face prolonged payment cycles, making fast and affordable access to working capital critical.TReDS is emerging as a vital solution, enabling MSMEs to secure payments in under 24 hours at competitive rates. This rapid funding helps them manage higher input costs and market volatility without stalling growth. Mohindru noted that global economic pressures have made TReDS more important than ever in sustaining MSME health.Government policy changes are also spurring adoption, with the turnover threshold for mandatory TReDS registration now lowered to include more MSMEs. Additionally, the Small-to-Small (S2S) financing model is being promoted, enabling invoice discounting between MSMEs themselves and reducing reliance on traditional banks.The S2S model is supported by a Credit Analytics Engine that evaluates creditworthiness using bank statements, GSTN data, and TReDS transaction history. Once approved, MSMEs can access early payment funding, cutting costs for buyers and sellers, improving cash flow, and enhancing competitiveness.Mohindru emphasised that as MSMEs contend with tariff-driven cost pressures, TReDS must continue providing flexible financial support to help businesses navigate challenges and strengthen their global market position. 

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