RXIL

What RXIL does

RXIL (Receivables Exchange of India Limited) operates India's first RBI-regulated Trade Receivables Discounting System (TReDS) platform, headquartered in Mumbai and founded in December 2014 as a joint venture between SIDBI and NSE, with equity participation from State Bank of India, ICICI Bank, and Yes Bank. The platform enables MSMEs to convert approved receivables into cash within 24 hours through competitive bidding by 70+ banks and NBFCs, addressing chronic working capital constraints caused by delayed corporate payments (typically 60-90 days). RXIL holds approximately 35% market share in India's TReDS segment, the largest of four operators, with cumulative invoice financing crossing Rs 3 lakh crore across more than 1 crore invoices as of April 2026.

The core product is the RXIL TReDS platform featuring fully digital onboarding with C-KYC and Video KYC, multi-financier auction/bidding mechanics for transparent price discovery, and integration with GeM (Government e-Marketplace) for government procurement financing. A wholly-owned subsidiary, RXIL Global IFSC Limited, operates an International Trade Financing Services (ITFS) platform for cross-border trade financing under IFSCA regulation, launched in July 2023 with FaMe TN (Tamil Nadu Government). The platform has onboarded 72,000+ MSMEs from 1,160+ cities and 3,400+ corporate buyers including PSUs and CPSEs, with first-mover advantage in India's invoice discounting market.

Revenue is generated through transaction-based fees on invoice discounting facilitated on the platform, scaling with throughput volumes. RXIL achieved profitability in FY23 and reported FY25 net profit of approximately Rs 52 crore with FY26 expected profit of Rs 72 crore; the company declared its maiden dividend of 21.6% in January 2026. Distribution combines digital self-serve onboarding for MSMEs, enterprise field sales for corporates, and government partnerships that mandate TReDS usage for CPSEs per Union Budget 2026, providing strong regulatory tailwinds and forced-adoption mechanics that differentiate RXIL from non-platform invoice discounting competitors.

Name

RXIL

Legal name

Receivables Exchange of India Limited

Website

https://rxil.in

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

251–500 employees

Short description

RXIL operates India's first RBI-regulated TReDS platform, enabling MSMEs to discount invoices and access working capital within 24 hours via competitive bidding by 70+ banks and NBFCs. It serves 72,000+ MSME suppliers, 3,400+ corporate buyers, and government entities across India.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Invoice/Bill Discounting Transaction Fees: RXIL generates revenue through transaction fees charged on invoice financing facilitated on its TReDS platform. When MSMEs discount their invoices, the platform earns a fee from the transaction value. The platform's revenue scales with transaction volumes - FY25 throughput was ₹80,457 crore, representing significant fee revenue potential based on take rates applied to discounted invoices.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

RXIL operates India's first RBI-regulated Trade Receivables Discounting System (TReDS) platform that enables MSMEs to convert approved receivables into cash within 24 hours through competitive bidding by multiple banks and NBFCs. The platform facilitates invoice discounting and factoring for MSMEs without requiring collateral, connecting suppliers, corporate buyers, and financiers. Its subsidiary, RXIL Global IFSC Limited, runs an International Trade Finance Services (ITFS) platform for cross-border trade financing under IFSCA regulation.

Product overview

RXIL operates as a dual-product financial technology platform. The core product is the RXIL TReDS Platform, India's first RBI-regulated Trade Receivables Discounting System, which enables MSMEs to unlock working capital by converting approved receivables to cash within 24 hours through competitive bidding by multiple financiers. The subsidiary, RXIL Global IFSC Limited, provides an International Trade Finance Services (ITFS) platform for cross-border trade financing, operating under IFSCA regulation. Together, these products serve domestic MSME working capital needs and international trade finance requirements.

Differentiator

Problem solved

Functional benefit

Brands

• RXIL Global: International Trade Financing Services (ITFS) platform for cross-border trade financing, operating under RXIL Global IFSC Limited subsidiary.

Products and services

• RXIL TReDS Platform India's first RBI-regulated Trade Receivables Discounting System (TReDS) platform that enables MSMEs to convert approved receivables into cash within 24 hours through competitive bidding by multiple banks and NBFCs. It facilitates invoice discounting and factoring for MSMEs without requiring collateral, connecting MSME suppliers, corporate buyers, and financiers on a single electronic marketplace.
• RXIL Global ITFS Platform International Trade Financing Services (ITFS) platform under IFSCA regulation that enables cross-border trade financing for exporters and importers. It provides digital auction-based financing opportunities for Indian and global enterprises engaged in global trade and commerce, benchmarked against global best practices.

Quantifiable outcome

• Enables MSME suppliers to receive payment within 24 hours instead of waiting 30-90+ days
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, minor, flagship and major.

• GeM (Government e-Marketplace)coreTechnology or Integration · 1 February 2026Per Union Budget 2026, GeM will be linked with TReDS to create seamless digital payment infrastructure for government procurement. RXIL is integrated as payment mechanism for GeM.
• CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises)coreStrategic or Co-development Partner · 1 January 2026Per Budget 2026, credit guarantee support through CGTMSE will be extended to invoice discounting on TReDS, systematically de-risking transactions for financiers and attracting wider participation.
• Invoice MartminorStrategic or Co-development Partner · 1 January 2026Another TReDS platform operator with which Himachal Pradesh has agreements to improve finance access through the TReDS platform.
• Government of MaharashtraflagshipStrategic or Co-development Partner · 9 February 2024MoU signed with Government of Maharashtra to onboard MSME vendors to TReDS platform. Minister Uday Samant, Development Commissioner Deependra Singh Kushwah, and MIDC CEO Dr. Vipin Sharma participated in signing ceremony.
• Government of Tamil Nadu (FaMe TN)flagshipStrategic or Co-development Partner · 31 July 2023Launched RXIL Global ITFS Platform in collaboration with FaMe TN, a government initiative for MSMEs. Agreement signed with Industries Commissioner Sigy Thomas Vaidyan and RXIL Director Ketan Gaikwad.
• Government of GoamajorStrategic or Co-development Partner · 1 January 2023RXIL established TReDS partnership with Government of Goa. RXIL is the only TReDS platform actively engaged with State Governments.
• Government of HaryanamajorStrategic or Co-development Partner · 1 January 2023MoU signed with Haryana Government for TReDS implementation to enable MSME vendors to access financing against invoices.
• Government of Madhya PradeshmajorStrategic or Co-development Partner · 1 January 2023MoU signed with Madhya Pradesh Government for TReDS implementation to support MSME financing in the state.
• Himachal Pradesh GovernmentmajorStrategic or Co-development Partner · 1 January 2023Agreement with Himachal Pradesh for TReDS platform access under RAMP Programme to improve finance access for MSMEs in the state.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• BharatPe: BharatPe is a leading Indian fintech serving MSMEs with payments, lending, and merchant credit products including invoice-based financing. Comparable on MSME fintech serving the same customer base, though broader product suite beyond receivables financing.
• National Stock Exchange of India (NSE): NSE is a co-promoter of RXIL and India's leading stock exchange with broader trading platform infrastructure. Comparable as a regulated electronic marketplace operator with technology capabilities applicable to financial exchange operations.
• SIDBI (Small Industries Development Bank of India): SIDBI is the primary promoter of RXIL and India's principal development finance institution for MSMEs. Comparable as a major MSME financing ecosystem player with broader mandate including direct lending, credit guarantees (CGTMSE), and refinance operations.

Emerging players

• KredX: KredX operates invoice discounting and supply chain financing for Indian MSMEs beyond just TReDS, including direct factoring. Overlaps with RXIL on receivables financing but competes on broader receivables marketplace features outside the regulated TReDS rails.
• Lendingkart: Lendingkart provides working capital loans and invoice financing to Indian MSMEs using technology-driven credit assessment. Comparable on MSME working capital financing though operates via direct lending rather than a marketplace model.
• TradeCred (by Float): Float operates a B2B credit and receivables financing platform for Indian businesses including invoice discounting. Comparable on invoice financing mechanism targeting working capital for businesses, though smaller in scale.
• CredAvenue (now Omnifi/Trustt): CredAvenue operates a debt marketplace and supply chain finance platform in India, including invoice discounting products for corporates and MSMEs. Comparable on receivables financing but with broader debt capital markets focus.
• Vayana Network: Vayana is a supply chain finance platform in India enabling invoice financing for MSMEs against corporate buyer receivables. Comparable business model to RXIL's invoice discounting, but operates outside RBI-regulated TReDS rails as a broader SCF network.

Direct peers

• Invoice Mart (by KredX / Vivifi): Invoice Mart is another RBI-licensed TReDS platform jointly run by KredX and Axis Bank, providing electronic invoice discounting between MSME suppliers and corporate buyers. Directly competes with RXIL in the same regulated TReDS marketplace.
• M1xchange (by Mynd Solutions): M1xchange is one of the three other RBI-licensed TReDS platforms in India, offering the same invoice discounting marketplace for MSMEs, corporates, and financiers. Direct head-to-head competitor to RXIL with overlapping product, customer base, and regulatory model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/rxil_treds
• YouTubeyoutube.com/@receivablesexchangeofindia9182
• Facebookfacebook.com/RXILtreds
• LinkedInlinkedin.com/company/receivables-exchange-of-india-ltd-rxil

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RXIL