Receivables Exchange of India Ltd (RXIL) is India's first Trade Receivables Discounting System (TReDS) platform, established in 2016 as a joint venture between the Small Industries Development Bank of India (SIDBI) and the National Stock Exchange of India (NSE). RXIL operates under Reserve Bank of India (RBI) guidelines to help Micro, Small, and Medium Enterprises (MSMEs) overcome liquidity challenges by digitizing their trade receivables financing. The RXIL platform allows MSMEs to auction their invoices to multiple financiers, facilitating faster access to working capital through invoice discounting. This process typically enables payment realization within 24 hours. With over 27,500 registered MSMEs and 2,200 corporate buyers, RXIL has processed 5.4 million invoices worth $12.65 billion. The platform connects buyers, suppliers, and financiers, ensuring transparency and efficiency in transactions. RXIL has achieved significant growth, processing a monthly throughput of ₹2,000 crore in FY22 and generating approximately $20.6 million in annual revenue.