Trade Receivables Discounting System provider Invoicemart has signed a memorandum of understanding with the Tamil Nadu government to facilitate smooth payments process for state entities, the company said on Friday.
FaMe (Facilitating MSMEs) TN, under the department of micro, small and medium enterprises, is setting up an exclusive enterprise resource planning (ERP) platform TReDS (Trade Receivables Discounting System) offering payment services for government entities.
”By virtue of this MoU, all government departments along with their MSMEs can register on Invoicemart to get the MSME invoices financed,” a company statement said.
In FY23, Invoicemart reached a record throughput of Rs 36,000 crore and now a Rs 2,000 crore over month-on-month output. With the state government coming on board, the TReDS financing volumes for MSME invoices expected to shoot up tremendously, the statement said.
”This is an important milestone for TReDS and Invoicemart. The potential and connect that state governments have with their MSMEs can help build volumes quickly and enable deeper penetration in the segment,” TReDS Ltd MD and CEO Sankaran said.
”We are happy that Government of Tamil Nadu is leading the way and are confident that more states are going to register soon,” he said.
Invoicemart said post COVID-19, it has seen significant adoption of TReDS by corporates and MSMEs. Financing of invoices has grown two times in FY22 compared to FY21, the statement added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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