Ketan Gaikwad informs that RXIL Global has signed a Master Agreement for sandbox testing with Export-Import Bank of India and 4 other financiers to finance exports receivables
TreDS is innovative digital platform where MSMEs can auction their trade receivables at competitive rates, through online bidding by financiers, and gain access to capital in less than 48 hours. The MSME industry is the growth engine of the Indian economy, accounting for 30% of the nation's GDP, 48% of the total exports, and 40% of the employment of India's total workforce. Ketan Gaikwad, MD & CEO at RXIL), advocates increased participation on the platform: "MSMEs and mandated buyers should get listed on the TReDS as it offers lower financing costs for MSMEs with average rate at 6.8% pa to the working capital cash credit rate of 12-15% pa when borrowing from the open market. Lowering costs not only helps MSMEs with more liquidity but also makes them competitive and in turn reduces procurement costs of their buyers."
EXPONENTIAL GROWTH
RXIL has grown at an exponential rate over the years, reaching significant milestones. RXIL TReDS platform is the first TReDS platform to achieve profitability and is maintaining the streak. Gaikwad quantifies the growth: "We have processed over 2.6 million invoices till date worth whopping ₹450 billion. The platform has boarded more than 1000 buyers and around 15,000 MSMEs on the platform. This growth showcases an increase in the number of MSMEs opting for TReDS, thus enabling the MSME sector with timely availability of financing against their invoices."
PRIVATE, GOVT PARTICIPATION
This story is from the May 2023 edition of Banking Frontiers.
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This story is from the May 2023 edition of Banking Frontiers.
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