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Invoicemart surpasses Rs 5,000 cr worth of invoices
Business

Invoicemart surpasses Rs 5,000 cr worth of invoices

Agency News

New Delhi, Nov 18: Invoicemart, a digital invoice discounting TReDS (Trade Receivable Discounting System) platform, has recorded Rs 5106 crore in financed throughput as on October 31, 2019 since the launch of the platform in July 2017, a statement said here on Monday.

Since inception, over 3.45 lakh invoices have been discounted and settled on the platform with nil delinquencies, and the company has on-boarded over 3200 MSMEs of which 88 per cent are micro and small enterprises.

Invoicemart is a digital platform that connects MSME sellers and their corporate buyers to multiple financiers. This platform enables sellers to sell their invoices to financiers, thus unlocking working capital quickly, without impacting their relationship with buyers.

A TReDs Chairman Rajiv Anand in a statement said, 'Axis Bank has a strong focus on the MSME segment and at Invoicemart, we firmly believe that this model has a huge potential in providing working capital finance for the MSMEs of our country. This milestone of surpassing Rs. 5000 crore worth of invoice financing on our platform, is a testament of our belief in the long term success of this model. We look forward to continue contributing towards the growth of MSMEs with innovative financing solutions.' (UNI)