Indiamart Intermesh acquires stake in M1xchange for Rs 32.4 crore
Summary
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, Indias largest TReDS platform, has secured over Rs 324 million in secondary funding from 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 Capital Limited has partly exited with a return on investment of around 7 times, on the investment made in first tranche in 2015," the statement said. Indiamart founder and managing director Dinesh Agarwal said that this investment is in line with the companys 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 Indias fund starved sectors attractive for the finance and banks as well," Agarwal said.