Invoicemart, a TReDS platform, exceeded Rs 4,000 crore worth of invoices

Mumbai, Aug 1 (KNN) Invoicemart, a digital invoice discounting TReDS (Trade Receivable Discounting System) platform, has clocked a whopping Rs 4,200 crore in finance since the platform came into operation nearly two years ago, in July 2017.

The platform’s maiden transaction was completed on July 10, 2017, just a few days post-launch and over the past two years, over 2.8 lakh invoices worth more than Rs 4,200 crore have been discounted and settled on it.

Significantly, it has on-boarded over 2500 Micro, small and medium enterprises (MSMEs) since its launch.

Invoicemart is a platform created by A.TREDS, a joint venture of Axis Bank, India’s third largest private bank, and mjunction services ltd., India’s largest B2B e-commerce company.

The digital platform which connects MSME suppliers (sellers) and their corporate buyers to multiple financiers enables sellers to sell their invoices to financiers, thus unlocking working capital quickly, without impacting their relationship with buyers.

MD & CEO of A.TREDS Ltd. Kalyan Basu said “Invoicemart is a solution which gives MSMEs control over their cash flows and enables them to focus on growing their business. Over the last two years, we feel both, privileged and proud to have provided unique solutions to cater to the vastly different needs of our participants.”

He said that the fact that we have been able to disburse funds worth Rs. 4, 200 crore through discounting of invoices and retain market leadership, is a tribute to our gifted team possessing vast experience in supply chain finance and corporate banking.

We are quietly confident of further improving on our services as we look to break new grounds and serve the MSME community even more efficiently. We look forward to more enablers like credit insurance/ guarantee to make TReDS a more effective tool in providing working capital finance to MSMEs of our country, he added.

Axis Bank is the third largest private sector bank in India. It offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

With its 4,094 domestic branches (including extension counters) and 11,950 ATMs across the country as on 30th June, 2019, the network of Axis Bank spreads across 2,380 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services.

The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and an overseas subsidiary at London, UK.