Top 8 Bill Discounting Platforms in India
For Indian MSMEs, delayed payments are not an occasional inconvenience—they are a recurring operational risk. Businesses may deliver goods, complete services, and raise invoices on time, yet payments from large corporates, PSUs, or enterprise buyers often arrive after 60, 90, or even 120 days. During this period, MSMEs must still fund salaries, raw material purchases, GST payments, logistics, and vendor dues. This timing mismatch between receivables and expenses creates cash-flow stress and limits growth. Bill discounting has emerged as one of the most effective solutions to this challenge. By converting approved bills or invoices into immediate working capital, MSMEs can maintain liquidity without taking on long-term debt. Over the years, India’s bill discounting ecosystem has evolved into a structured mix of RBI-regulated TReDS platforms and technology-driven fintech solutions. Each platform serves a different business profile, buyer ecosystem, and funding need. This blog takes a platform-first approach and covers eight of the most relevant bill discounting platforms in India, starting with RXIL, to help MSMEs understand where each platform fits and how to choose the right one.
Understanding bill discounting in India
Bill discounting is a short-term financing arrangement in which a seller assigns an unpaid invoice to a financier at a discounted value. The seller receives a large portion of the invoice amount upfront, while the financier collects payment from the buyer on the due date. The difference represents the discounting cost. In India, this mechanism is formally supported through the Trade Receivables Discounting System (TReDS)—an RBI-regulated electronic marketplace designed specifically for MSMEs. TReDS platforms enable multiple banks and NBFCs to bid on invoices, creating competitive pricing and reducing counterparty risk. Alongside these regulated exchanges, private fintech platforms offer faster onboarding, flexible structures, and embedded finance options.
Top 8 bill discounting platforms in India 1. RXIL Receivables Exchange of India Limited (RXIL) is one of the most established bill discounting platforms in the country and a cornerstone of the TReDS ecosystem. Promoted by SIDBI and the National Stock Exchange, RXIL was created with the explicit objective of improving MSME access to working capital. RXIL enables MSMEs to discount bills raised on large corporates, PSUs, and government departments through a transparent, auction-based process. Multiple financiers bid on each invoice, ensuring fair price discovery and competitive discount rates. The platform is fully digital, compliance-driven, and backed by strong regulatory oversight. Best suited for: MSMEs supplying to well-rated corporates or government buyers who want a secure, standardised, and regulated bill discounting route.
2. M1xchange M1xchange is another RBI-licensed TReDS platform that plays a significant role in India’s trade receivables financing landscape. Backed by institutional stakeholders, including HDFC Bank, M1xchange offers a structured marketplace for MSMEs, buyers, and financiers. The platform emphasises compliance, buyer validation, and predictable funding outcomes. Its auction-based model allows banks and NBFCs to compete on pricing, while the digital workflow ensures traceability and transparency across transactions. Best suited for: MSMEs that prioritise regulatory credibility, long-term funding relationships, and consistency in bill discounting operations.
3. Invoicemart Invoicemart is a TReDS platform developed by Axis Bank in partnership with mjunction. It offers MSMEs a bank-backed environment to unlock funds against approved invoices using a competitive bidding mechanism.
Invoicemart stands out for its strong governance framework, detailed documentation standards, and risk-management focus. The platform is widely used by MSMEs that prefer structured banking processes while benefiting from the speed and efficiency of electronic bill discounting. Best suited for: MSMEs that are comfortable with bank-led ecosystems and require a conservative, compliance-first approach to bill discounting.
4. KredX KredX is one of India’s most recognised fintech platforms for bill and invoice discounting. Unlike TReDS exchanges, KredX operates as a private marketplace connecting businesses with institutional and retail investors. The platform is known for fast onboarding, minimal paperwork, and quick fund disbursement—often within a few days. KredX leverages technology and data-driven risk assessment to simplify access to working capital for growing businesses. Best suited for: Growth-stage SMEs that need quick liquidity, have recurring receivables, and prefer speed over formal exchange-based processes.
5. Credlix Credlix is a collateral-free bill discounting and supply-chain finance platform backed by Moglix. It focuses strongly on manufacturers, distributors, and industrial suppliers who operate within organised procurement networks. By using supply-chain data and enterprise relationships, Credlix aligns financing with actual transaction flows. This approach helps MSMEs access higher advance rates and faster approvals compared to traditional lending. Best suited for: MSMEs embedded in manufacturing or industrial supply chains that want bill discounting closely aligned with enterprise payment cycles.
6. Clear Clear, part of the ClearTax ecosystem, offers digital invoice discounting and early-payment solutions integrated with GST, invoicing, and accounting workflows. Rather than functioning purely as a financing marketplace, Clear positions bill discounting as part of a broader financial-operations stack. This integration reduces friction between compliance, invoicing, and financing, making it easier for MSMEs to manage cash flow without juggling multiple systems. Best suited for: MSMEs seeking invoice discounting alongside GST compliance, invoicing, and vendor-management tools.
7. Indifi
Indifi is a digital SME lending platform that offers invoice-based financing as part of its broader credit portfolio. Unlike marketplace models, Indifi follows a lender-led approach with structured underwriting and predefined limits. This model offers predictability in pricing and funding availability, which appeals to businesses that prefer a direct lender relationship rather than auction-based financing. Best suited for: MSMEs looking for stable, repeat financing and a single lending partner for bill discounting and other working-capital needs.
8. Cashflo Cashflo focuses on B2B payments and bill discounting solutions designed to improve supplier payment cycles. It works closely with enterprises to enable early payments for MSME suppliers while optimising working capital across the supply chain. By combining payment automation with financing, Cashflo helps MSMEs receive funds faster without disrupting buyer-supplier relationships. Best suited for: MSMEs participating in enterprise-led supply chains where early-payment programmes are already in place.
How MSMEs should choose the right platform Selecting the right bill discounting platform depends less on popularity and more on fit. MSMEs should first evaluate their buyer profile—suppliers to large corporates or PSUs are better served by TReDS platforms such as RXIL, M1xchange, and Invoicemart. Businesses that prioritise speed and flexibility may find fintech platforms like KredX or Credlix more suitable. Those seeking predictable lender relationships may prefer Indifi, while MSMEs focused on integrated finance and compliance can benefit from Clear.
Conclusion India’s bill discounting ecosystem has matured into a diverse and reliable funding landscape for MSMEs. RXIL remains the anchor platform for regulated, transparent bill discounting, supported by strong TReDS peers like M1xchange and Invoicemart. Fintech platforms such as KredX, Credlix, Clear, Indifi, and Cashflo add speed, flexibility, and operational convenience. The most effective approach is not to rely on a single platform but to align bill discounting strategy with buyer profile, funding urgency, and operational scale. When used strategically, bill discounting enables MSMEs to stabilise cash flow, reduce dependence on traditional debt, and focus on sustainable growth rather than delayed payments.
