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by on December 21, 2020
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A majority of industries and businesses are now inching towards pre-COVID-19 levels, MSMEs have also started charting their path for recovery, Invoicemart said in a release.
The lockdown has increased technological literacy and given a push to digital adoption among the micro, small and medium enterprises (MSMEs).
Supported by their strong tie-up with over 760 anchor corporates, CPSE, PSUs, banks and NBFC factors, Invoicemart has already guided over 6,900 MSME vendors to register on TReDS and get their bills discounted, it said.
Prakash Sankaran, managing director and chief executive of A. TReDS Ltd, said, “We are seeing increased participation by PSUs/corporates and MSMEs assisted by strong support from the banks and NBFC factors.”
He added that Invoicemart is working with alliances in the fintech and supply chain space to further improve value for all participants on the platform.
Sankaran hoped that with large-scale awareness-building measures and increased participation, the?TReDS platforms will witness significant growth.
Invoicemart is operated by A. TReDS Ltd, a joint venture between Axis Bank and B2B e-commerce firm mjunction.
Invoicemart said the company has helped in price discovery for MSMEs across 486 cities and towns in India who are now able to get their bills discounted from 39 financiers (banks and NBFC factors) without necessarily having a direct lending relationship with these financiers, it said further.
The TReDS platform connects MSME sellers and their corporate buyers to multiple financiers. It enables discounting of invoices of the MSME sellers raised on large buyers, through a transparent bidding mechanism that ensures financing of receivables at competitive market rates.
Posted in: Business, Finance
Topics: msme