New Delhi, Dec 30 (PTI) Invoice discounting e-marketplace M1Xchange on Wednesday said it expects to cross Rs 6,000 crore in bill discounting service in the current financial year.

The trade receivable discounting system (TReDS) platform claims to have crossed a throughput of Rs 10,000 crore since its inception in 2017.

"In view of the present trend and expected take-off in the economy, we are hopeful of touching Rs 6,000 crore throughput in 2020-21.

"Even if we maintain the current trend, we will reach Rs 10,000 crore throughput in the next fiscal year of 2021-22," M1xchange CEO Sundeep Mohindru told PTI.

The TReDS platform facilitates micro, small and medium enterprises (MSMEs) to get a payment of their invoices raised to their corporate customers from banks in 72 hours. The banks make the payment to MSMEs on invoices presented before them through TReDS based on the credit record of the corporate, and the payment is later made by the corporate to the banks.

"The adoption of supply chain finance platforms has gone up multifold post lockdown. The average monthly volume has surpassed Rs 600 crore in December, the highest among the exchanges," Mohindru said.

He added that this goes to say the adoption has increased multifold this year, especially after lockdown, and average volumes have grown 40 per cent in second and third quarters versus the financial year 2019-20.

"The COVID-19 pandemic-affected economy saw increased adoption of digital platforms which helped all three TReDS platforms improve volume in 2020 after the lockdown," Mohindru said.

All three exchanges put together have recorded a total throughput of Rs 9500  crore in the first nine months (April-Dec 2020) this year, he added.

M1Xchange claims that MSMEs across 352 cities have logged into the TReDS platform since the pandemic outbreak and have discounted invoices at interest rates between 4.75 per annum and 8 per cent per annum.

It said 60 per cent of such MSMEs are from tier-III and -IV cities and are able to take the benefit of this digital revolution.

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