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Steel Authority of India Limited (SAIL) executes its first transaction on Invoicemart 06 March, 2019

Mumbai/Delhi, March 06, 2019: Country's largest steel-making company Steel Authority of India (SAIL) has completed its first transaction on India’s leading digital invoice discounting marketplace, Invoicemart. The collaboration will allow a large number of MSMEs to tap into the digital platform and receive timely funding.

With this partnership, steel giant SAIL joins over 140 large corporates that are on board with Invoicemart as buyers. SAIL is one of the seven Maharatnas of the country’s Central Public Sector Enterprises.

SAIL works with a large number of MSMEs and being a part of Invoicemart helps them in expediting payments to these MSMEs. The teams at SAIL have been sending out notifications to all empanelled MSMEs giving them an option to be paid through TReDS and undertake workshops to make them comfortable with the concept.

Speaking on this occasion, Mr. Kalyan Basu, MD & CEO, A. TReDS Ltd. said, "We are privileged to be associated with Steel Authority of India Limited as one of our buyers and we look forward to their invaluable support in our endeavour to facilitate mass formalization of the MSME sector. At Invoicemart, we draw on the extensive experience of Axis Bank and mjunction to address the financial challenges faced by MSMEs and support their strategic growth ambitions. In the first phase, close to 800 MSMEs will be on boarded by Invoicemart."

Keeping in mind the recent liquidity crunch being faced by MSMEs, factoring is a hassle-free means for them to meet their working capital requirement without affecting the relationship with large corporate buyers. Factoring helps the large corporates too, as it allows them to lower their procurement costs.

Globally factoring is a USD 2849 billion industry with India forming a miniscule part of it at USD 5.2 billion.

Mr. Basu added, "The TReDS platform is growing at a rapid pace, we are investing in financial technology and innovation to enhance our capabilities. In less than 18 months of its operations, Invoicemart has achieved a cumulative throughput of INR more than 2200 crores, which is highest among the three TReDS exchanges."

About Invoicemart:
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. It is a platform which connects MSME suppliers (sellers) and their corporate buyers to multiple financiers. This platform 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.

The platform allows MSME suppliers to avail finance quickly and at competitive interest rates which in turn helps increase their working capital efficiency without impacting their relationship with buyers.