Working capital is one of the biggest challenges for MSMEs and corporates in India. Delayed payments from buyers often create cash flow gaps that affect operations, salaries, raw material purchase, and growth plans. Bill discounting platforms help businesses convert their unpaid invoices into immediate funds without waiting for long credit periods.
In this blog, we list the Top 10 bill discounting platforms in India, with Receivables Exchange of India Limited (RXIL) at the first rank, followed by other leading platforms that support MSMEs through structured invoice financing solutions.
1. Receivables Exchange of India Limited (RXIL)
Receivables Exchange of India Limited (RXIL), is one of the most trusted bill discounting platforms in India. It operates under the Trade Receivables Discounting System (TReDS) framework introduced by the Reserve Bank of India (RBI).
RXIL enables MSMEs to upload approved invoices raised on large corporates and government buyers. Multiple financiers bid on these invoices, ensuring competitive discounting rates for sellers. Once a bid is accepted, the MSME receives early payment, and the buyer pays the financier on the due date.
Key Features:
- RBI-regulated TReDS platform
- Transparent bidding mechanism
- Digital end-to-end process
- Supports MSMEs supplying to corporates and PSUs
- Faster access to working capital
RXIL is promoted by entities such as National Stock Exchange and SIDBI, which adds to its credibility in the market.
For MSMEs looking for a regulated and reliable bill discounting platform, RXIL stands as a leading choice.
2. M1xchange
M1xchange is another RBI-approved TReDS platform that helps MSMEs manage receivables through invoice discounting. It connects buyers, sellers, and financiers in a single digital ecosystem.
The platform ensures that invoices are verified and approved before being opened for competitive bidding. With a strong network of banks and NBFCs, M1xchange has facilitated significant financing volumes for MSMEs across sectors.
Key Features:
- RBI-authorised TReDS operator
- Online invoice upload and bidding
- Competitive discount rates
- Strong participation from financial institutions
3. Invoicemart
Invoicemart is a TReDS platform backed by industry players and regulated by RBI. It enables MSMEs to raise finance against invoices due from large corporates and government entities.
The digital workflow ensures efficiency in approval, bidding, and settlement. Invoicemart focuses on smooth onboarding and process transparency for both buyers and sellers.
Key Features:
- Fully digital onboarding
- Transparent bidding process
- Regulated under TReDS guidelines
- Wide buyer and financier participation
4. KredX
KredX is a fintech-led invoice discounting platform that allows businesses to raise funds by selling their unpaid invoices to investors.
Unlike TReDS platforms, KredX also facilitates corporate invoice discounting beyond MSME-focused transactions. It provides analytics-based risk assessment and quick disbursement processes.
Key Features:
- Technology-driven platform
- Fast approval and disbursement
- Serves corporates and SMEs
- Investor marketplace model
5. Drip Capital
Drip Capital focuses on trade finance solutions for small and medium exporters. It offers invoice financing based on international trade invoices.
Drip Capital uses data-based underwriting models and provides credit without traditional collateral requirements, making it suitable for export-focused businesses.
Key Features:
- Export invoice financing
- Collateral-free funding
- Online application and approval
- Trade-focused risk assessment
6. Vivriti Capital
Vivriti Capital is an NBFC that provides structured finance solutions, including invoice discounting and supply chain financing.
The platform primarily works with mid-market enterprises and connects them to institutional capital. Vivriti’s approach focuses on risk assessment, structured funding, and debt market access.
Key Features:
- Structured debt solutions
- Invoice and supply chain financing
- Strong institutional backing
- Focus on mid-sized enterprises
7. FlexiLoans
FlexiLoans offers digital lending solutions to MSMEs, including invoice financing and working capital loans.
The platform leverages alternative data for credit assessment and provides quick loan disbursals. It supports small enterprises that may not have traditional collateral.
Key Features:
- Digital loan application
- Quick credit evaluation
- MSME-focused products
- Flexible repayment options
8. Indifi Technologies
Indifi Technologies provides tailored lending solutions to small businesses across various sectors. It partners with NBFCs and banks to deliver invoice-based and working capital funding.
Indifi uses technology and data analytics to assess borrower profiles and structure suitable financing solutions.
Key Features:
- Sector-specific financing
- Data-driven underwriting
- Quick approval processes
- Strong lender partnerships
9. Lendingkart
Lendingkart is a digital lending platform offering working capital products to MSMEs. While primarily known for business loans, it also supports invoice-linked funding solutions.
The platform uses AI-based credit scoring to evaluate borrowers and process loan applications quickly.
Key Features:
- AI-driven credit evaluation
- Short-term working capital loans
- Minimal documentation
- Fully digital process
10. NeoGrowth
NeoGrowth is an NBFC that focuses on providing business loans and merchant cash advances to MSMEs. It supports supply chain and receivables-based finance for eligible businesses.
NeoGrowth works closely with retail and service-sector MSMEs, offering tailored funding solutions based on cash flow patterns.
Key Features:
- Cash flow-based lending
- MSME-focused products
- Quick disbursement cycle
- Structured repayment plans
How Bill Discounting Platforms Work in India
Bill discounting platforms help businesses unlock liquidity locked in unpaid invoices. The process usually follows these steps:
- MSME supplies goods or services to a corporate buyer.
- Invoice is generated and approved by the buyer.
- Invoice is uploaded on the bill discounting platform.
- Financiers bid to discount the invoice.
- MSME receives early payment after accepting a bid.
- Buyer pays the financier on the due date.
Under the TReDS framework, platforms like RXIL, M1xchange, and Invoicemart operate under RBI regulation, ensuring transparency and compliance.
Non-TReDS fintech platforms also provide invoice financing but may follow different risk models and structures.
Conclusion
Bill discounting platforms in India have changed the way MSMEs manage receivables. Instead of relying only on traditional bank loans or overdrafts, businesses can now use invoice financing to bridge working capital gaps.
Among the top platforms, Receivables Exchange of India Limited (RXIL) stands out as a leading TReDS operator, followed by M1xchange and Invoicemart. Fintech players like KredX, Drip Capital, and others have also expanded invoice financing options across sectors.
Choosing the right bill discounting platform depends on factors such as buyer profile, industry, funding requirement, regulatory preference, and cost of financing. For MSMEs that supply to large corporates and government buyers, TReDS platforms provide a structured and compliant route to unlock receivables.
As working capital needs continue to grow, bill discounting platforms will remain an important financial tool for Indian businesses.
