Invoicemart – Axis Bank backed TReDS platform reaches Rs.10,000 cr worth of MSME invoice discounting
·
First
TReDS platform to have Rs.10,000 crores of invoices discounted through its
platform
·
Has
on-boarded more than 6900 MSMEs and 760 Corporates, Banks, NBFCs and PSUs
Mumbai, December 21, 2020: Invoicemart,
an Axis Bank-backed digital invoice discounting TReDS (Trade Receivable
Discounting System) platform is leading the way with a record discounting of
Rs. 10,000 cr worth of invoices. They have funded more than 5,80,000 invoices
of MSME vendors, on the platform.
A
majority of industries and businesses are now inching back to pre-COVID 19
levels, MSMEs have also started charting their path for recovery. The lockdown
has increased technological literacy and given a push to digital adoption among
the MSMEs. Supported by their strong tie-up with more than 760 anchor
Corporates, CPSE, PSUs, Banks and NBFC Factors, Invoicemart has already guided
over 6900 MSME vendors to register on TReDS and get their bills discounted.
Speaking
on this achievement, Prakash Sankaran, MD & CEO, A. TReDS Ltd. said, “This is just a beginning. We are seeing
increased participation by PSUs/Corporates and MSMEs assisted by strong support
from the Banks/NBFC Factors. Invoicemart is working actively with alliances in
the fintech and supply chain space to further improve value for all
participants on the platform. With large scale awareness building measure and
increased participation, we believe that the TReDS platforms will witness
significant growth.”
Apart
from creating value for all the participants, the platform is actively working
towards creating awareness for TReDS. Followed by the concerted efforts of the
MSME Ministry and Regulators to help MSMEs, there has been an observable
interest among vendors, to explore newer and more effective options of
converting their receivables quickly into cash. Invoicemart has helped in price
discovery for MSMEs across 486 cities and towns in India who are now able to
get their bills discounted from 39 Financiers (Banks and NBFC Factors) without
necessarily having a direct lending relationship with these financiers.
About Invoicemart:
Invoicemart is a Trade Receivable Discounting System (TReDS) platform,
operated by A. TReDS Ltd., a joint venture between Axis Bank Ltd and B2B
e-commerce company mjunction services ltd. It is a platform which connects MSME
sellers and their corporate buyers to multiple financiers. This platform
enables discounting of invoices of the MSME sellers raised on large buyers,
through a transparent bidding mechanism that ensures financing of receivables
at competitive market rates.
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