Indiamart Intermesh, a B2B e-commerce startup, has purchased a share in M1xchange, a trade receivable discounting system services firm, for Rs 32.4 crore, the fintech firm announced on Monday.
Indiamart had previously announced a plan to buy 7.7% of M1xchange for Rs 32.4 crore, and the transaction is now complete with the fintech firm receiving the funds.
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”.