M1 Exchange completes its first TReDS transaction with IndusInd Bank

KOLKATA/NEW DELHI
10 May 2017

Mynd Solutions’ M1 Exchange today announced its first successful online invoice discounting transaction. M1 Exchange had gone live for the customers (MSME sellers, corporate buyers and financiers) from April 7, 2017. The transaction worth Rs. 91 lakhs was discounted on the Exchange by IndusInd Bank for a supplier of a large electronics company.
Commenting on the initiative, Sundeep Mohindru, Founder-Director & CEO, M1 Exchange, said, “It is a proud moment for all of us at Mynd Solutions. The rigorous efforts post going live in April, by M1 team has led to the achievement of this milestone. We aim to make this digital experience of bill discounting on the Exchange quicker and more fulfilling for all the participants. I would like to congratulate IndusInd Bank for the set-up of their seamless process and speed of the team for adaption to the technological change, without which the transaction would not have been possible.”
Ramesh Ganesan, Head of Transaction Banking at IndusInd Bank said, “This is indeed a path breaking initiative from RBI towards providing efficient Working Capital financing for MSME suppliers. This platform holds huge potential for making Supply Chain Financing more competitive and digital in India. Congratulations to Mynd Solutions for launching this online platform successfully.” (EOIC)