NE BUSINESS BUREAU
MUMBAI, SEP 9
Invoicemart India’s largest Trade Receivables Discounting System (TReDS) platform on Friday announced that it had signed a Memorandum of Understanding (MOU) with FaMe TN, a Government of Tamil Nadu enterprise. The MoU was signed on 25th August 2022, at the Regional MSME Meet, Tiruppur, in the presence Tamil Nadu Chief Minister MK Stalin and the Industries Commissioner.
FaMe TN, under the MSME Department, Government of Tamil Nadu is setting up an exclusive ERP platform named TN TReDS for the purpose of facilitating the smooth payment processes on TReDS Platform by its government entities. By virtue of this MoU, all government entities, departments, units etc of State of Tamil Nadu along with their MSMEs can register on Invoicemart to get the MSME invoices financed.
- The MoU was signed on 25th August 2022, at the Regional MSME Meet, Tiruppur, in the presence Tamil Nadu Chief Minister MK Stalin and the Industries Commissioner.
- There are 49.5 lakh MSMEs in the State of Tamil Nadu and they contribute significantly to the state’s revenues.
- In FY23, Invoicemart has reached a record throughput of ₹36000+ crores and is now seeing a month-on-month throughput of Rs 2000+ crores
Over the last two years and post-COVID, Invoicemart has seen significant adoption of TReDS by Corporates and their MSMEs. Financing of invoices has grown 2x times in FY22 compared to FY21. There is already a mandatory requirement, as per a government notification, for CPSEs, PSUs and Corporates with turnover greater than Rs 500crs to register on TReDS. Now, active discussions are on with several State Governments, for registering on Invoicemart, to enable MSMEs supplying to the State Govt to avail the benefits of TReDS.
Tamil Nadu has several manufacturing hubs and also has huge a service industry. There are 49.5 lakh MSMEs in the State of Tamil Nadu and they contribute significantly to the state’s revenues. Invoicemart has already got MSME vendors, from across 450+ postal codes of the State of Tamil Nadu, registered on the platform. Signing of the MoU with Govt of Tamil Nadu will help the State Govt, State PSUs and MSMEs get access to Invoicemart’s superior outreach and use a best-in class technology platform. The MoU will also facilitate the platform to work closely with the State Government to build awareness of TReDS and help the large MSME sector in the state.
In FY23, Invoicemart has reached a record throughput of Rs 36000+ crores and is now seeing a month-on-month throughput of Rs 2000+ crores. With State Governments coming on board TReDS financing volumes for MSME invoices is expected to shoot up tremendously.
“This is 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. We are happy that Govt of Tamil Nadu is leading the way and are confident that more states are going to register soon,” quoted Sankaran, MD & CEO, A. TReDS Ltd.
