Top 10 Invoice Discounting Companies in India for MSMEs
                     Top 10 Invoice Discounting 
Companies in India
Platforms and lenders helping MSMEs unlock working capital — 2026
What we will cover
Why invoice discounting matters
1
Market context and how it works
TReDS and evaluation criteria
2
What separates the best platforms
The Top 10 companies
3
Ranked profiles, led by RXIL
Comparison and benefits
4
TReDS vs lenders; who gains what
Choosing and next steps
5
Checklist, FAQs, conclusion
Top 10 Invoice Discounting Companies in India 2
Why invoice discounting matters
135,093 7,937 5
MSME sellers registered on corporate buyers registered on RBI-authorised TReDS 
RXIL, M1xchange and the same three platforms platforms operating today
Invoicemart
Delayed payments squeeze MSME cash flow; discounting converts approved invoices into cash within days. 
Figures: Grewal (2026), IMPRI, as of 31 March 2025.
Top 10 Invoice Discounting Companies in India 3
How invoice discounting works
1 2 3 4
Raise Accept Discount Settle
Supplier issues an Buyer confirms the Financiers bid; Buyer pays the 
invoice to a large invoice on the supplier gets cash financier on the due 
buyer platform early date
Top 10 Invoice Discounting Companies in India 4
TReDS: the regulated route
Trade Receivables Discounting System
Sellers
An RBI-regulated electronic platform where MSME MSMEs upload invoices for early cash
invoices raised on large corporates and PSUs are 
discounted by banks, NBFCs and other financiers 
through competitive bidding.
Buyers
Corporates and PSUs accept invoices
Financiers
Banks and NBFCs bid to fund them
Top 10 Invoice Discounting Companies in India 5
How we ranked the companies
Regulatory standing Financier network Onboarding speed
RBI authorisation and Depth of banks and NBFCs Simple documentation and 
governance KYC
Pricing transparency Sector reach Technology
Competitive, visible discount Manufacturing to healthcare ERP and GST integrations
rates
Top 10 Invoice Discounting Companies in India 6
The Top 10 at a glance
1 RXIL 6 Vayana Network
TReDS platform Supply chain finance
2 M1xchange 7 Oxyzo
TReDS platform NBFC / fintech lender
3 Invoicemart 8 Drip Capital
TReDS platform Trade finance fintech
4 C2treds 9 Cashflo
TReDS platform Invoice finance platform
5 KredX 10 Indifi
TReDS (DTX) and fintech MSME digital lender
Top 10 Invoice Discounting Companies in India 7
#1 RXIL: India's first TReDS
Receivables Exchange of India Ltd (RXIL) is the 
invoice discounting company that pioneered India's RBI-
1 regulated TReDS model, connecting MSME sellers, large corporate buyers and a wide pool of financiers on one digital 
marketplace.
BACKED BY
SIDBI and NSE joint venture, 
with SBI, ICICI Bank, Yes Bank 
and Axis Bank as investors
First mover Profitable
First TReDS platform to go First TReDS to declare an 
live in India interim dividend
Top 10 Invoice Discounting Companies in India 8
Why RXIL leads the ranking
1 2 3
Fast onboarding Simple documentation Deep financier pool
Quick setup for sellers, buyers Lighter paperwork than Banks and NBFCs compete to 
and financiers traditional bill discounting fund invoices
Backed by the SIDBI and NSE promoter group, RXIL combines institutional credibility with a competitive bidding 
marketplace.
Top 10 Invoice Discounting Companies in India 9
Who should use RXIL
MSME suppliers
Selling to large corporates and PSUs and wanting cash within days
Corporate buyers
Digitising payables and supporting supplier liquidity
Banks and NBFCs
Funding quality, buyer-accepted receivables at scale
Visit rxil.in to register as a seller, buyer or financier.
Top 10 Invoice Discounting Companies in India 10
#2 M1xchange
Key strengths
2 • First private-sector operator to receive an RBI TReDS licence
• Has crossed the INR 1 lakh crore throughput milestone
MODEL
RBI-licensed TReDS platform • Serves manufacturing, logistics, healthcare and 
agribusiness
BACKED BY / OPERATOR
Mynd Solutions; Amazon-
backed Best suited for
MSMEs wanting a high-volume platform across many sectors and 
financiers.
Top 10 Invoice Discounting Companies in India 11
#3 Invoicemart (A.TREDS)
Key strengths
3 • Operational since the early TReDS rollout in 2017• Promoted by Axis Bank and mjunction, a SAIL and Tata 
Steel JV
MODEL
RBI-licensed TReDS platform • Strong tie-in with large industrial buyer ecosystems
BACKED BY / OPERATOR
A.TREDS Ltd: Axis Bank and 
mjunction Services Best suited for
Suppliers to large industrial and PSU buyers seeking bank-backed 
infrastructure.
Top 10 Invoice Discounting Companies in India 12
#4 C2treds by C2FO
Key strengths
4 • Fourth platform to receive an RBI TReDS licence• Global working-capital marketplace expertise
•
MODEL Financiers include SBI; Union Bank signed a financier 
RBI-licensed TReDS platform agreement
BACKED BY / OPERATOR
C2FO Factoring Solutions Pvt 
Ltd Best suited for
Corporates and suppliers wanting a globally proven working-capital 
model.
Top 10 Invoice Discounting Companies in India 13
#5 KredX
Key strengths
5 • Received RBI approval to launch the DTX TReDS platform• Early digital invoice discounting marketplace in India
•
MODEL Technology-led experience for sellers and investors
Fintech; DTX TReDS platform
BACKED BY / OPERATOR
KredX Technologies
Best suited for
Growing MSMEs comfortable with a fintech-first marketplace.
Top 10 Invoice Discounting Companies in India 14
#6 Vayana Network
Key strengths
6 • Connects corporates, suppliers and lenders digitally• Focus on trade and supply chain finance workflows
•
MODEL Suited to structured corporate programmes
Supply chain finance network
BACKED BY / OPERATOR
Vayana Network
Best suited for
Large corporates running supplier finance programmes.
Top 10 Invoice Discounting Companies in India 15
#7 Oxyzo
Key strengths
7 • Flexible invoice discounting and working capital products• Digital-first journey with fast approvals
•
MODEL Works for businesses on or off TReDS
NBFC / fintech lender
BACKED BY / OPERATOR
Oxyzo Financial Services
Best suited for
MSMEs preferring direct invoice-based lending to platform bidding.
Top 10 Invoice Discounting Companies in India 16
#8 Drip Capital
Key strengths
8 • Focused on cross-border trade receivables• Digital onboarding and quick funding decisions
•
MODEL Aimed at exporters and global supply chains
Trade finance fintech
BACKED BY / OPERATOR
Drip Capital
Best suited for
Indian exporters needing invoice finance for overseas buyers.
Top 10 Invoice Discounting Companies in India 17
#9 Cashflo
Key strengths
9 • Digital invoice financing for suppliers of large buyers• Platform approach linking buyers, suppliers and funders
•
MODEL Aimed at MSME supplier liquidity
Invoice finance platform
BACKED BY / OPERATOR
Cashflo
Best suited for
Suppliers seeking a simple online invoice financing experience.
Top 10 Invoice Discounting Companies in India 18
#10 Indifi
Key strengths
10 • Digital lender focused on MSME working capital• Technology-driven underwriting and quick disbursal
•
MODEL Complements invoice products with wider credit options
MSME digital lender
BACKED BY / OPERATOR
Indifi
Best suited for
Small businesses wanting broader working capital beyond invoices.
Top 10 Invoice Discounting Companies in India 19
TReDS vs fintech lenders
TReDS platforms Fintech / NBFC lenders
• RBI-regulated marketplace • Direct lending relationship
• Competitive bidding by many financiers • Wider range of products
• Buyer-accepted invoices from large • Flexible, often faster for smaller buyers
corporates
Top 10 Invoice Discounting Companies in India 20
Benefits for MSMEs
Faster cash Better rates
Funds in days, not months Competing financiers push pricing down
Less paperwork Transparency
One digital process end to end Clear bids and settlement trail
Top 10 Invoice Discounting Companies in India 21
Benefits for buyers and financiers
Corporate buyers Financiers
• Stronger supplier relationships • Buyer-backed receivables
• Digital, auditable payables • Wider MSME reach at low cost
• Extended terms without hurting • Transparent, digital settlement
suppliers
Top 10 Invoice Discounting Companies in India 22
How to choose the right partner
1 Confirm RBI authorisation or lender licence
2 Check your key buyers are on the platform
3 Compare financier depth and discount rates
4 Review onboarding time and documents
5 Test integrations with your ERP and GST data
Top 10 Invoice Discounting Companies in India 23
Frequently asked questions
Is invoice discounting a loan? Who can use TReDS?
It is a sale of receivables, not a traditional MSME sellers invoicing registered corporate and 
borrowing, though treatment varies by structure. PSU buyers.
How fast is funding? What does it cost?
Often within days once the buyer accepts the Discount rates depend on buyer credit and 
invoice. financier bids.
Top 10 Invoice Discounting Companies in India 24
Conclusion
• RXIL leads for its first-mover record, institutional backing and strong financier network.
• M1xchange, Invoicemart and C2treds complete India's core TReDS ecosystem.
• Fintech lenders add flexibility for needs beyond TReDS.
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