Mumbai – Receivables Exchange of India Limited (RXIL) Trade Receivables Discounting System (TReDS) platform, a joint venture of SIDBI, NSE along with State Bank of India, ICICI Bank, and Yes Bank, has achieved a significant milestone, facilitating financing of over 50 lac invoices worth ₹1,00,000 crore, since its inception providing accessible working capital financing solutions to Micro, Small, and Medium Enterprises (MSMEs).
More than 25,000 MSMEs have registered on the RXIL TReDS platform, emphasizing the TReDS platform’s substantial role in bolstering small businesses within the entrepreneurial landscape. RXIL has also partnered with several state governments, signing MoUs to ensure MSMEs are paid timely on TReDS at highly competitive rates.
TReDS platform operates without recourse to the MSMEs, providing them with the benefit of timely working capital and risk-free financing at competitive rates against their invoices to corporate buyers, CPSEs, PSUs, etc.
In FY 24, RXIL demonstrated exponential growth in invoice financing volumes monthly. Currently, RXIL is enabling monthly financing of INR 6,000+ crores. Looking ahead, RXIL is committed to enhancing its performance further, with a target of invoice financing of ₹75,000 crore in FY 25. This commitment emboldens RXIL’s dedication to fostering the growth and prosperity of MSMEs in India.
Mr. Ketan Gaikwad, Managing Director and CEO of RXIL, on achieving this remarkable milestone, stated, “Surpassing the financing of invoices worth ₹1,00,000 crore is a clear reflection of RXIL TReDS’ persistent dedication to empowering MSMEs across the nation by quick access to working capital. While we celebrate this milestone, it’s imperative to recognize that there’s much more ground to cover. With only 82,000 MSMEs registered on all the TReDS platforms out of 4 crore MSMEs registered on the Udyam portal, there is immense potential for growth and inclusivity. We remain steadfast in our mission to continue bridging the gap between MSMEs and financial institutions, ensuring that every business has access to timely working capital, regardless of their geographical location or size.”
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