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BusinessWire India
Mumbai (Maharashtra) [India], March 26: Invoicemart, India's largest Trade Receivables Discounting System (TReDS) platform, announced that it has successfully enabled MSME Invoice Financing of Rs 1 lakh crores, making it the 1st TReDS platform to reach this level and establish itself as the leading supply chain portal in the fintech space. Invoicemart has witnessed exponential growth in invoice financing volumes since FY23 and has now registered more than 28000+ MSMEs across 5000+ postal codes transacting on the platform. Currently, Invoicemart is enabling monthly financing of Rs 5000+ crores and is actively supported by the participation of all the ecosystem players. Aligning with the RBI's announcement in June 2023, on the expansion of TReDS, Invoicemart has started Direct Settlement of MSME invoice payments via TReDS, thereby helping Corporates, CPSEs, PSUs, etc. smoothen the MSME supply chain payment process. Invoicemart has also signed MoUs with various State Governments and facilitated a leading municipal corporation to pay its MSMEs through TReDS at extremely competitive rates. Invoicemart is the preferred TReDS platform for almost 1600+ Corporations, CPSEs, PSUs, etc. Post signing MoUs with four State Governments, Invoicemart is now gearing up to penetrate deep into the MSME space and help the states raise awareness among the MSMEs. The Digital enablement and use of digital public infrastructure also led to a surge in MSME registration, where it has now clocked 1000+ registrations over the last two months. The ease of access to credit for MSME via invoice financing on the marketplace is indeed becoming a game changer and Invoicemart is proudly leading the way in TReDS. With more than 25 lakh of MSME invoices getting financed through the platform at an approximate value of Rs 1 lakh crores, it has been proven that if anchor Buyers (Corporates, CPSEs, PSUs, etc.) actively adopt TReDS and necessary regulatory cum government support is provided many more MSMEs can benefit through this innovative tool. Speaking on this new milestone, Prakash Sankaran, MD & CEO, Invoicemart, said, "We are seeing increased participation by Corporate and Government Buyers on one side and the Banking system including NBFC/Factors on the other. Invoicemart's superior technology and strong customer service are driving this growth. In FY24, we also saw a change in pace of participation from our Financiers including the largest public sector banks. The Government's adoption of TReDS including State Government Business will positively impact the outlook going forward." (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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