Mumbai, September 17, 2018: Leading digital invoice discounting marketplace, Invoicemart, has discounted a record 60,000 invoices worth INR 1,000 crores. The platform was launched in July'17 by A.TReDS, as a joint venture of Axis Bank and B2B e-commerce company mjunction services.
The digital platform has successfully on-boarded close to 800 participants, which shows the growing traction of TReDS model among MSMEs. TReDS provides a digital ecosystem of less paperwork and quick payments thus, ensuring timely payment settlement and monetisation of receivables. Invoicemart has been witnessing an increased interest by buyers, sellers and financers supported by the proactive initiatives taken by the government.
Speaking on the landmark achievement, Mr. Kalyan Basu, CEO & MD, Invoicemart 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.
We would like to extend our gratitude to all our partners, from banks, corporate buyers to MSMEs for their enduring trust and support. There is a huge upside and demand for our offering and the numbers have shown a healthy upward trend. At Invoicemart, it is our constant endeavour 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.
Further, Mr. Basu added, "With Invoicemart acting as the trade receivables service provider, 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. We plan to reach a target of INR 11000 crores by 2020."
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 efficient price discovery for MSMEs.
This enables 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.