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Amazon-backed M1xchange’s scale grows 2X in FY23, losses shrink

Entrackr · 1y

M1xchange, a digital invoicing and discounting platform for MSMEs, saw substantial growth in operational scale and revenue during the fiscal year ending March 2023. Its revenue from operations surged to Rs 29.52 crore from Rs 14.32 crore in FY22. Despite increased expenses, the company managed to reduce losses by 7.5% to Rs 7.92 crore in FY23. M1xchange's EBITDA margin improved to -15.53%, signaling better financial performance.