Digital invoice discounting platform for MSMEs crosses Rs 2500 crores in business volume
Mumbai, Mar 20 (KNN) Leading digital invoice discounting platform for MSMEs, Invoicemart has crossed Rs 2,500 crores in business volume and successfully on-boarded over 1700 participants on TReDS (Trade Receivables Discounting System) Launched in 2017, the platform has over 100 corporate buyers and 23 financiers like State Bank of India, Bank of Baroda, DBS Bank, Lakshmi Vilas Bank, among others.
Speaking on this achievement, CEO and MD of A. TReDS Ltd. (Invoicemart), Kalyan Basu said, “The Government’s push to support MSMEs through various measures has resulted in many private and public sector corporates registering on our platform. We are seeing an increase in the value and volume of transaction month on month basis. The response has also proved the value which TReDS is bringing to all the participants.”
According to a Confederation of Indian Industries (CII) Survey, the MSME sector has seen job creation growth by 13.9% in the last four years with micro enterprises being the biggest contributor.
Overall, India has about 65 million MSMEs who create 120 million jobs and account for 30% of the country’s economic output. It is also responsible for 30% of the total employment generation in India, it added.
TReDS platforms are developing as a credible source of working capital finance for MSMEs. The growing volume and value of transactions is a positive sign, especially in the wake of liquidity crisis being faced by NBFCs, considered a major source of credit for MSMEs.
Invoicemart, owned and operated by A. TReDS Ltd. is a joint venture between Axis Bank and B2B e-commerce company mjunction Ltd. TReDS is an institutional setup for flow of finance to micro, small and medium enterprises (MSMEs) through multiple financiers at a competitive rate.