Companies

IndiaMART acquires stakes in Mynd Solutions’ M1xchange

Our Bureau | | Updated on: Dec 01, 2021
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The company has invested ₹32.4 crore

IndiaMART has invested ₹32.4 crore to acquire a stake in Mynd Solutions, in a deal that provided a part exit to SIDBI Venture Capital Limited, an early investor in the company. Mynd Solutions runs ‘M1xchange’, which is India’s largest TReDS platform.

“By integrating multiple technologies, IndiaMART has been able to provide 360 degree solutions to SMEs for their online business and have earned the trust of 138mn+ buyers and 6.7mn+ sellers on their platform. The acquisition of stakes by INDIAMART in M1xchange, therefore, highlights the confidence that leading marketplace players like IndiaMART have in the robust tech infrastructure and leadership position of M1xchange.” said Sundeep Mohindru, CEO of M1xchange.

The transaction illustrates that the TReDS platforms have matured into an important source of funding for the economy, easing accessibility of funds as well as recovery for the financed and the financiers.

IndiaMART’s Founder & MD Mr. Dinesh Agarwal said, “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.”

SIDBI Venture Capital Limited has partly exited with a return on investment of around 7X, on the investment made in first tranche in 2015.

Published on December 01, 2021

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