Chennai, Aug 27 (KNN) Invoicemart, a Trade Receivables Discounting System (TReDs) provider has collaborated with the Tamil Nadu government to provide state entities smooth payments process facility.

Under the MSME department, Facilitating MSMEs (FaMe) is setting up an exclusive enterprise resource planning (ERP) platform TReDS offering payment services for government entities.

Through the pact all government departments along with their MSMEs can register on Invoicemart to get the MSME invoices financed.

In FY23, Invoicemart reached a record throughput of Rs 36,000 crore and now a Rs 2,000 crore over month-on-month output. 

With the state government coming on board, the TReDS financing volumes for MSME invoices expected to shoot up tremendously, said the company.

MD and CEO of Invoicemart, Prakash Sankaran called it an an important milestone for TReDS and Invoicemart. 

“The potential and connect that state governments have with their MSMEs can help build volumes quickly and enable deeper penetration in the segment,” he added.

''We are happy that Government of Tamil Nadu is leading the way and are confident that more states are going to register soon,'' he said.

Invoicemart said post COVID-19, it has seen significant adoption of TReDS by corporates and MSMEs. 

Financing of invoices has grown two times in FY22 compared to FY21.  (KNN Bureau)