Mumbai: 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.