New Delhi, June 20 (KNN) Gurgaon based Mynd Solutions, an outsourcing and consulting company, is expecting total throughput of bills discounted through its M1 platform for trade receivable discounting under its Trade Receivable Discounting System (TReDS)  this fiscal to touch Rs 3,000 crore.

Mynd Solutions recently launched M1- Mynd online National Exchange for Receivables linking MSME sellers, corporate buyers and financiers including banks and NBFC. 

The platform was approved by the RBI to implement TReDS that aimed at improving capital flow at feasible interest rates to the MSMEs by reducing receivables realization cycles.

Sundeep Mohindru, Founder & CEO, Mynd Solutions has said in two months period, the exchange has discounted bills worth Rs 5 crore. Till date, six banks and NBFCs have registered in the platform and five are in the process, he said.

About 100 plus MSMEs and 12 large corporates (from sectors such as white goods, agro, IMFL, FMCG, infrastructure) are already on board. Six more large corporates are expected to join soon, said Mohindru.

“In next 2-3 months, traction is going to be there. We are also on-boarding few corporates with turnover of over Rs 5,000 crore. We are looking to on-board 60 corporates, of which about 40 is to follow and expected by September,” he said.

The M1 portal helps settle transactions in a more comprehensive way.  The platform offers MSMEs to publicise their receivables and the option to generate working capital within 2 working days through a credible and transparent bidding model.

MSMEs can avail loans at lower interest rates than the offline market via M1 portal.

So far the site has eight corporate buyers and their suppliers. Banks including IndusInd bank, IDFC bank, Kotak Mahindra bank, ICICI bank and DBS bank have joined the portal.

The large public sector banks are expected to come on board soon, he said.