Invoicemart executes first factoring transaction of GRSE to promote MSMEs
New Delhi, Aug 10 (KNN) The digital invoice discounting platform, Invoicemart has successfully executed the first factoring transaction for Kolkata-based defense PSU Garden Reach Shipbuilders & Engineers Ltd (GRSE).
The platform enables discounting of invoices of MSME sellers against large buyers through an auction mechanism.
This ensures prompt realization of trade receivables at competitive market rates.
The government’s push to boost MSME sector’s contribution towards indigenous manufacturing in defence to 70 per cent under the Make in India program has encouraged GRSE to register on TReDS.
The on boarding of the defense public sector units (PSU) will benefit over 500 MSMEs.
Congratulating the team on the execution of first transaction, RAdm Vipin Kumar Saxena, IN (Retd.), CMD, GRSE said, “Being the 1st Defence PSU, to go live on TReDS Platform, in line with the GoI initiative to boost MSMEs contribution towards indigenous manufacturing, is a significant initiative by GRSE.”
He said that the TReDS platform is creating a difference by empowering the MSME sector.
“We believe that this association will encourage more MSMEs to come onboard and help them progress”, he added.
Speaking on this occasion, Mr. Kalyan Basu, MD & CEO, A. TReDS Ltd said, “We are extremely privileged to partner with GRSE as a buyer.”
The platform has proved to facilitate MSMEs with faster payments, allowing them to optimize their working capital, Basu added.
At invoicemart, he said, “we understand the requirement of each and every player who is on boarded with us and we look forward to the speedy formalization of the MSME sector.”
The on boarding of GRSE will empower MSMEs and further promote the government’s campaign of Make in India, added Basu.
A number of public sector banks including Allahabad Bank, Bank of Baroda, Union Bank of India, and Vijaya Bank have joined Invoicemart as financers.
Currently the platform hosts 15 financers which provide buyers and sellers with competitive rates.
Invoicemart, a TReDS (Trade Receivable Discounting System) platform is a digital invoice discounting marketplace by A. TREDS Ltd, a joint venture between Axis Bank Ltd and B2B e-commerce company mjunction services ltd.