New Delhi, Sept 18 (KNN) Invoicemart, a digital invoice discounting platform for MSMEs, has discounted a record 60,000 invoices worth of Rs 1,000 crores in just one year.

Launched by A.TREDS (a joint venture of Axis Bank and mjunction services) in July 2017, the platform has successfully on-boarded close to 800 participants which shows the growing traction of TReDs model among MSMEs.

In such a short span of time, Invoicemart has been witnessing an increased interest of buyers, sellers and financers supported by proactive initiatives taken by the government.

This platform by TREDS provides a digital ecosystem of less paperwork and quick payments thus, ensuring timely payment settlement and monetization of receivables.

Speaking on this landmark achievement, Invoicemart, CEO& MD, Kalyan Basu said “This is not just another milestone for us, but a beginning of transforming the way small businesses function by facilitating a healthier supply chain and an improved business ecosystem. Our growth bears testimony to the value we deliver to our participants and we continue to improve our offerings based on their feedback.”

Extending a gratitude to all partners, banks, corporate buyers to MSMEs for their enduring trust and support, Basu said that there is a huge upside and demand for our offering and the numbers have shown a healthy upward trend.

At Invoicemart, he added “It is our constant endeavor to see a healthy mix of corporates joining our TREDS platform, which brings in diversity and acceptability amongst buyers and sellers. We plan to enhance the existing platform to make it more comprehensive in its service offering and ease the process of payments.”

In the coming months, adoption and transaction on TREDS platform is set to pick up further pace with an increasing number of corporates, MSMEs and financiers signing onto the platform.

With Invoicemart acting as the trade receivables service provider, Basu added “We assure that financiers get an opportunity to get quality assets in the MSME space across a wide geography in minimal time, cost and effort.”

Invoicemart platform which connects MSME suppliers is further planning to reach a target of Rs 11,000 crores by 2020, said Basu.