Jindal Stainless, along with its wholly-owned subsidiary Jindal Stainless Steelway Limited (JSSL), has acquired a 9.62% stake in M1xchange, a leading digital invoicing and discounting platform for MSMEs, corporates, and financiers.

The investment, which includes primary capital infusion and a secondary purchase of shares from existing stakeholders, underscores Jindal Stainless’ commitment to strengthening India’s digital supply chain financing ecosystem. According to a company statement, the cost of acquiring a 5.03% stake stands at approximately Rs 102.7 crore ($12 million), with the total investment reaching Rs 154 crore ($18 million) for the entire 9.62% stake.

This strategic partnership aims to enhance Jindal Stainless’ financing operations by streamlining payment processes, accelerating digital transformation, and optimizing working capital cycles. By leveraging M1xchange’s platform, Jindal Stainless seeks to improve cash flow efficiency for MSMEs and corporate partners within its supply chain.

Founded in 2017, M1xchange provides a seamless digital mechanism for invoice discounting, ensuring businesses can access working capital without the complexities of traditional banking processes. The platform has onboarded over 65 banks, 2,000 corporates, and 48,000 MSMEs, facilitating invoice discounting worth more than Rs 1.6 lakh crore to date.

M1xchange has secured over $19 million in funding from prominent investors such as SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. With Jindal Stainless’ latest investment, the platform is poised for further expansion, reinforcing its role in empowering MSMEs with faster and more efficient financial solutions.