Axis bank backed A.TREDS registers invoices worth 100 crore in 100 days of operation

New Delhi, Oct 30 (KNN) Invoicemart, a digital invoice discounting TReDS platform launched by A.TReDS (Trade Receivable Discounting System) has discounted Rs100 crore worth of invoices within 100 days of its operations.

A.TREDS is a joint venture between Axis Bank and ecommerce company mjunction services .According to a statement released by A.TREDS, it has over 100 MSMEs (Micro,Small and Medium Enterprises) onboard. The platform's maiden transaction was completed on July 10, 2017 and over the past 100 days, 3,000 invoices worth more than Rs 100 crore have been discounted and settled on A.TReDS.

Kalyan Basu,CEO and managing director of A.TREds said that the the company would add an annual volume of at least Rs. 20,000 crore which would  be brought under TReDS  and would boost the MSME sector.

TReDS is an initiative launched by the Reserve Bank of India with an aim to make funds easily available to MSMEs. The platform enables financing of receivables of MSMEs.

Also earlier ,the government on October 24 made it mandatory for all public sector units to register on TReDS within 90 days of announcement to facilitate transparent price discovery and help MSME sector to expand. (KNN/AG)