Invoicemart and Lakshmi Vilas Bank join hands to facilitate MSME financing
Chennai, July 31 (KNN) Private sector lender Lakshmi Vilas Bank has joined hands with Invoicemart, India’s leading digital invoice discounting marketplace by A. TReDS Ltd, a joint venture between Axis Bank and mjunction, to facilitate MSME financing.
A number of scheduled commercial banks and public sector banks have registered themselves on the Trade Receivables Electronic Discounting System (TReDS) platform which is paving the way towards MSME inclusion through a transparent bidding mechanism that ensures faster financing facilitate competitive market rates.
Speaking on this partnership, Kalyan Basu, MD & CEO, A. TReDS Ltd said, “Invoicemart is privileged to tie up with Lakshmi Vilas Bank and we look forward to their constant support in helping MSMEs, who are the back bone of Indian Economy. We are investing in financial technology and innovation to facilitate mass formalization of the MSME sector in our endeavor to bridge the gap which has prevented institutional lenders from reaching out to small businesses.”
P. Mukherjee, MD & CEO Lakshmi Vilas Bank said, “We at LVB are delighted to be associated with Invoicemart in the TReDS space as it will provide MSMEs with speedier and timely finance. The TReDS platform is indeed a path breaking initiative by RBI towards providing efficient working capital financing for MSME suppliers. This platform has great potential for making supply chain financing more competitive.”
Invoicemart recently completed one year and has successfully processed over 30,000 invoices worth 750 crores. Currently, the platform has 47 buyers (corporates) and 550 sellers (MSMEs) with a portfolio which includes retail, real estate, healthcare and power.
Basu added, “TReDS has proved to be a huge enabler for MSMEs by providing transparency in financing with best possible rates.”