# Mynd Solutions Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mynd-solutions-private

- Industry: Financial Services
- Headquarters: Gurgaon, India
- Website: www.m1xchange.com
- Total disclosed funding: $9.4M
- Latest round: Series A (Dec 11, 2020)
- Investors on record: 3

## About

Mynd Solutions Private Limited is a digital invoice discounting platform that streamlines trade receivables for Micro, Small, and Medium Enterprises (MSMEs) by providing rapid access to affordable funding against invoices.Mynd Solutions Private Limited operates as a digital platform for invoice discounting, facilitating MSMEs to access funds against their approved trade receivables. Founded in 2016 and headquartered in Gurgaon, India, the company has completed a total of 5 deals with its most recent funding round occurring in November 2022. This round raised INR 380 million from investors BEENEXT and IndiaMART InterMESH Ltd. The founder's previous entrepreneurial history is not specified.Mynd Solutions Private Limited operates M1xchange, a digital invoice discounting platform that enables MSMEs to secure quick funding against approved invoices through its RBI-licensed TReDS system. The platform connects MSMEs with over 60 financiers, ensuring payments are typically processed within 24 hours and without collateral requirements. This service is designed to improve working capital and reduce financing costs for MSMEs across diverse industries such as infrastructure, agriculture, retail, telecom, and metals, addressing their unique supply chain challenges.In 2023, Mynd Solutions generated revenue of INR 36.8 million, while reporting an EBITDA of INR -10.8 million. The company earns revenue through transaction fees associated with its invoice discounting services, allowing MSMEs to upload invoices for approval and participate in a bidding process to secure financing from multiple financiers. This B2B model encourages large corporates and public sector units to engage with MSMEs, enhancing procurement efficiency and transparency.Following its recent funding round in November 2022, which raised INR 380 million, Mynd Solutions plans to further develop its digital platform by introducing new features aimed at enhancing user experience. The company is also looking to expand its geographical reach within India, targeting underserved markets to enhance access to funding for MSMEs. The funding will be utilized to drive product innovation and support marketing efforts as they aim to onboard more clients and financiers.

## Funding rounds

- Series A, Dec 11, 2020, $4.5M — Mayfield Fund, BEENEXT
- Series A, Jan 25, 2019, $4.9M — Mayfield Fund, SIDBI Venture Capital

## Investors

- Mayfield Fund (https://capitalatlas.ai/funds/mayfield-fund) — Series A
- SIDBI Venture Capital (https://capitalatlas.ai/funds/sidbi-venture-capital) — Series A
- BEENEXT (https://capitalatlas.ai/funds/beenext) — Series A