Kolkata: Following the completion of their first anniversary, digital invoice discounting platform, Invoicemart has successfully executed the first factoring transaction for Kolkata-based defense PSU Garden Reach Shipbuilders & Engineers Ltd (GRSE). The onboarding of the defense public sector units (PSU) will benefit over 500 MSME.
The government’s push to boost MSME sector’s contribution towards indigenous manufacturing in defence to 70 per cent under the ‘Make in India‘ programme has encouraged GRSE to register on TReDS. The platform enables discounting of invoices of MSME sellers against large buyers through an auction mechanism. This ensures the prompt realisation of trade receivables at competitive market rates.
RAdm Vipin Kumar Saxena, IN (Retd.), CMD, GRSE congratulated the team on the execution of the first transaction. He said, “Being the 1st Defence PSU, to go live on TReDS Platform, in line with the GoI initiative to boost MSMEs contribution towards indigenous manufacturing, is a significant initiative by GRSE. The TReDS platform is creating a difference by empowering the MSME sector and we believe that this association will encourage more MSMEs to come onboard and help them progress.
Speaking on this occasion, Kalyan Basu, MD & CEO, A. TReDS Ltd said, “We are extremely privileged to partner with GRSE as a buyer.The platform has proved to facilitate MSMEs with faster payments, allowing them to optimize their working capital. At Invoicemart, we understand the requirement of each and every player who is on boarded with us and we look forward to the speedy formalization of the MSME sector.”
A number of public sector banks including Allahabad Bank, Bank of Baroda, Union Bank of India, and Vijaya Bank have joined Invoicemart as financers. Currently, the platform hosts 15 financers which provides buyers and sellers with competitive rates.
“The onboarding of GRSE will empower MSMEs and further promote the government’s campaign of Make in India” added Basu.