Mumbai, Oct 29 (PTI) Axis Bank-backed online platform forfinancing Micro, Small & Medium Enterprises (MSMEs) hasclocked Rs 100 crore worth of invoices within first 100 daysof operations.
Invoicemart, a digital invoice discounting TReDS (TradeReceivable Discounting System) platform, was launched in Julyby A.TREDS, a joint venture of Axis Bank and B2B e-commercecompany mjunction services.
"The platform's maiden transaction was completed on July10, 2017 and over the past 100 days, over 3,000 invoices worthmore than Rs 100 crore have been discounted and settled on it.
Significantly, it has on-boarded over 100 MSMEs since itslaunch," A.TREDS said in a statement today.
TReDS is an initiative launched by the Reserve Bank ofIndia with an aim to increase availability of funds for MSMEs.
The platform enables financing of receivables of MSMEs.
"The total PSU procurement from micro and smallenterprises in 2013-14 was over Rs 12,000 crore, or 15 percent of the total procurement. The Public Procurement Policystates that 20 per cent of all procurement by PSUs are to bemade from MSEs," A.TREDS managing director and CEO Kalyan Basusaid.
"We are looking at an annual volume of at least Rs.
20,000 crore which will compulsorily be brought on to TReDS.
This is a huge game changer, both for MSMEs as well as theTReDS initiative," Basu added.
On October 24, the government made it mandatory for allmajor public sector units to register on TReDS within 90 daysof the announcement. This is expected to give a major boost tothe MSME sector with transparent price discovery mechanism andan additional avenue for getting their receivables funded. PTISSMNSK.
This is unedited, unformatted feed from the Press Trust of India wire.
