M1xache Msme Financing in West Bengal: MSME Credit in West Bengal can cross Rs 2 lakh crore by the next financial year. Know how M1xache is giving growth to small business by giving working capital on time and without bail finance.
Msme credit in west Bengal: Micro, small and medium interpresses (MSME) sectors are growing rapidly in West Bengal. It is estimated that by FY 2026, the MSME credit in the state will be more than Rs 2 lakh crore. Keeping this in mind, Treds, licensed from RBI, is working to provide timely finance to MSME’s MSME MSME. The company aims to double its business in areas such as infrastructure, auto, electronics, textile and agriculture.
Why is West Bengal special for MSME?
West Bengal is one of the top industrial hubs in India. The state has more than 46 lakh MSME registered and in total about 1 crore MSME exists. There are industries such as steel, aluminum, iron products, electronics, fertilizers and trading. Working capital is required to run these sectors. The FY24 grew 7.5% in MSME Credit, which suggests how small industries need timely and affordable financial assistance.
What is the role of m1xache
- So far, more than 60,000 MSME, more than 3,000 corporates and more than 69 banks are associated with this platform.
- An invoice discounting of more than Rs 2,00,000 crore has been done on the platform.
- The company aims to process invoices worth Rs 1,25,000 crore by FY26.
- The recently launched ‘Small-to-Small Financing’ initiative is providing facilities like unsecured loans to MSME of small towns, ie without any pledge.
M1xilla contribution in West Bengal
- More than 10% of MSME and corporates associated with M1xache are from West Bengal.
- So far 3 lakh invoice have been uploaded from the state, which cost around Rs 20,000 crore.
What does the company say?
According to Kaustubh Srivastava, Senior Director of M1XChange, ‘MSME Credit in West Bengal is estimated to cross Rs 2 lakh crore by FY 26. We want to give a new direction to their growth by freeing MSME from cash problems without giving bail, digital and competitive financial financeing options.
What is M1xache and what works?
M1xache is a digital platform, which was launched in 2017. This allows MSME to convert the payment from invoic discounting ie corporates into cash quickly. MSME when the company sends goods and service bills and that company approves it, the bank-NBFC bids on it. After accepting MSME bid, you can get payment directly in your bank account within 24 hours. In this way, small industries can raise money without any bail, low interest rate and on time, so that their business can move forward without interruption.