India-based Mynd Fintech has acquired a 100% stake in C2FO India Technologies, expanding its supply chain finance business.
The transaction was completed for an undisclosed amount and brings C2FO India's technology platform, around 100 employees, and about 140 clients under Mynd Fintech's operations.
Mynd Fintech is a supply chain financing platform and a subsidiary of M1xchange, an entity approved by the Reserve Bank of India (RBI) to operate a Trade Receivables Discounting System (TReDS). Both companies are part of the Mynd Group, which offers invoice factoring, receivables financing and related supply chain finance solutions.
Deal scope and scale
Following the acquisition, the combined business is expected to process transactions worth approximately USD 6.3 billion annually across buy-side and sell-side financing, according to the companies. In addition, the integration combines Mynd Fintech's lending marketplace with C2FO India's early payment capabilities, technology infrastructure, and existing client network.
C2FO India Technologies serves close to half of the companies constituting the Nifty 50 index and supports working capital financing for roughly 200,000 suppliers, spanning sectors including cement and pharmaceuticals. The company provides early payment and dynamic discounting tools for corporate buyers and suppliers, and it operates C2TReDS, its own RBI-approved TReDS platform.
Strategic rationale
According to a company official at M1 Group, the acquisition is intended to support the development of a broader digital working capital ecosystem in India. Moreover, through the process of combining C2FO India's platform with Mynd Fintech's supply chain financing solutions and M1xchange's TReDS expertise, the group aims to increase liquidity and efficiency for participants across the corporate, financial and micro, small and medium enterprise (MSME) segments.
For suppliers, the enlarged platform is expected to support faster access to working capital through invoice-based financing. For corporate buyers, the combined entity is expected to offer a broader platform for managing supplier finance programmes and improving liquidity across supply chains. The deal reflects continued consolidation activity in India's supply chain finance sector, where RBI-regulated TReDS platforms and early payment providers have been expanding their client bases amid growing demand for working capital solutions among MSMEs.
