Gurugram-based TReDS (Trade Receivables Discounting System) platform M1xchange has raised an undisclosed amount in a Series A funding from Mayfield India and SIDBI Ventures. With the funds, M1xchange will further invest in technologies such as blockchain, enhance its network and boost business growth for the company. Vikram Godse, managing partner, Mayfield will join the board of directors of M1xchange. Investment banking firm Maple Capital Advisors acted as a financial advisor for the round. The M1\u2019s Trade Receivables Discounting System (TReDS) is an online exchange being set up under the approval of Reserve Bank of India (RBI) to facilitate discounting of invoices and bills of exchange on a pan-India basis. The factoring exchanges provide an apt platform for trade receivables and the bill of exchanges of Micro, Small and Medium Enterprises (MSMEs). In the case of trade receivables, the cash realisation comes at a future date. M1xchange has onboarded 25 banks, close to 100 large corporate customers and have facilitated over $252 Mn (INR 1,800 Cr) of factoring for the vendors on its exchange. \u201cThe volume growth on M1xchange in past 12 months reflects its successful adoption by all the participants - MSME vendors, large corporates and banks,\u201d said Sundeep Mohindru, CEO of M1xchange. In April 2018, Indian Factoring Exchanges \u2013 A.TREDs, RXIL and M1xchange \u2013 launched a blockchain-based networking platform which aims to prevent financial frauds and double invoicing issues. In recent times, there have been multiple initiatives by the government for these exchanges. The Ministry of Finance has mandated all PSUs to join TReDS, advances under TReDS are categorised as Priority Sector Lending for all banks who participate, widening eligibility of MSMEs; and the Prime Minister\u2019s latest significant announcement that all corporates with a turnover exceeding $70 Mn (INR 500 Cr) must register on TReDS.