TReDS platform Invoicemart discounts MSME invoices over Rs. 10,000 cr

New Delhi, Dec 22 (KNN) Invoicemart, an Axis Bank-backed digital invoice discounting marketplace has facilitated Micro, Small and Medium Enterprises (MSME) invoice discounting worth Rs 10,000 crore.

According to a release, the trade receivable discounting system (TReDS) platform said that with a record discounting of Rs 10,000 crore worth of invoices, it has facilitated funding for more than 5,80,000 invoices of MSME vendors.

A majority of industries and businesses are now inching towards pre-COVID-19 levels, MSMEs have also started charting their path for recovery, added Invoicemart.

The lockdown has increased technological literacy and given a push to digital adoption among the MSMEs.

Supported by their strong tie-up with over 760 anchor corporates, CPSE, PSUs, banks and NBFC factors, Invoicemart has already guided over 6,900 MSME vendors to register on TReDS and get their bills discounted, the release added.

In a statement, Prakash Sankaran, CEO, A. TReDS Ltd. said, “We are seeing increased participation by PSUs/corporates and MSMEs assisted by support from the Banks/NBFC factors. Invoicemart is working with alliances in the fintech and supply chain space to improve value for all participants on the platform. With large-scale awareness building measures and increased participation, we believe that the TReDS platforms will witness significant growth.”

Invoicemart is operated by A. TReDS Ltd, a joint venture between Axis Bank and B2B e-commerce firm junction.

''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 without necessarily having a direct lending relationship with these financiers,'' it said.

The TReDS platform connects MSME sellers and their corporate buyers to multiple financiers. It 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.