India’s leading digital invoice discounting marketplace, Invoicemart became the first TReDS (Trade Receivable Discounting System) platform to cross USD 1 billion in business volume as on March 4, 2020. Launched in 2017, the platform has scaled exponentially with the participation of over 4522 MSME sellers, 603 buyers, 37 financiers; and has successfully processed discounting of 4.80 lakh MSME invoices. Backed by Axis Bank, India’s third largest private bank, Invoicemart, an ISO 27001 certified TReDS platform continues to maintain its leadership position amongst the TReDS exchanges with over Rs. 7500 crores worth of invoices discounted on the platform.
Speaking on this achievement, Prakash Sankaran, MD & CEO, A.TReDS Ltd. said, “There is a tremendous potential in our offering and the numbers reflect the confidence reposed by all the stakeholders including MSMEs, Financiers and Corporates – both Government and Private. It is gratifying that evenwith the ongoing COVID-19 crisis, Invoicemart has continued to provide MSMEs the access to funds, thus emerging as the largest TReDS platform with volumes of Rs.490.51 crore and 23917 invoices discounted in March’20.
Delayed payments and access to working capital are the two prime challenges of our MSMEs today. Invoicemart eases the discounting process to ensure timely and credible working capital finance for MSMEs. It has successfully on-boarded over 5000 participants, which shows the growing adoption of TReDS model amongst MSMEs.”
Invoicemart is a Trade Receivable Discounting System (TReDS) platform, operated 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 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.
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,415 domestic branches (including extension counters) and 12,173 ATMs across the country as on 31st December, 2019, the network of Axis Bank spreads across 2,521 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.