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Invoicemart, a digital invoice discounting platform for MSMEs, has achieved business volumes of over Rs 2,000 crore, becoming the first TReDS platform to cross this milestone.
It has taken just four months for this Trade Receivable Discounting System (TReDS) platform to double business volumes from Rs 1,000 crore, a milestone it achieved in September 2018.
Invoicemart is owned and operated by A.TReDs Ltd, a joint venture between Axis Bank and B2B e-commerce company mjunction.
Commenting on the achievement, Kalyan Basu, CEO & MD, A. TReDS Ltd. (Invoicemart) said, “The Government’s push to support MSMEs through various measures has resulted in many private and public sector corporates registering on our platform. We have seen an increase in the value and volume of transactions on a month-on-month basis; this trend may result in our achieving the initial estimate of ₹11,000 crore by March 2020.”
Since its launch in 2017, this platform has processed a record 1.4 lakh invoices, and more than 1,300 MSME sellers and 100 buyers have participated on it.
Invoicemart is one of the three TReDS platforms approved by the RBI for discounting MSME invoices and to provide them timely funding.
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