(MENAFN- KNN India) New Delhi, May 4 (KNN)
Kansas City-based C2FO, a prominent provider of on-demand working capital solutions, announced on Friday the operationalisation of its Trade Receivables Discounting System (TReDS) platform in India.
The State Bank of India (SBI) and Dabur India have come on board as inaugural participants in this initiative aimed at addressing liquidity challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in the country.
The development follows the recent approval granted by the Reserve Bank of India (RBI) to C2FO's wholly-owned Indian subsidiary, C2FO Factoring Solutions Private Limited, to launch the TReDS platform.
An RBI-backed program, TReDS is designed to facilitate financing and discounting of trade receivables for MSMEs through multiple financiers on an electronic platform.
"Lack of working capital remains a significant impediment to business growth. With the launch of our TReDS platform, C2treds, we aspire to unlock substantial economic value for MSMEs and contribute to India's rapid and inclusive economic expansion," remarked Basant Kaur, Country Head at C2FO India.
Boasting a nationwide network encompassing approximately 50,000 Indian MSMEs, C2FO has facilitated over USD 300 billion in funding globally since its establishment in 2008.
(KNN Bureau)
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