Indiamart Intermesh acquires stake in M1xchange for Rs 32.4 crore

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.

Indiamart 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.