With the launch of C2treds, C2FO distinguishes itself as the only fintech platform of scale in India offering both Ealy Pay (Dynamic Discounting) and TReDS functionalities
FinTech BizNews Service
Mumbai, May 3, 2024: In a significant development, C2FO, the world's leading on-demand working capital platform, announced that its TReDS platform, named C2treds has gone live with India’s largest bank State Bank of India (SBI) and Dabur India Ltd. among the inaugural participants on the platform.This milestone follows the recent approval received by C2FO's wholly-owned subsidiary, C2FO Factoring Solutions Private Ltd, from the Reserve Bank of India, to operationalize the TReDS platform.
TReDS, an initiative introduced by the RBI and backed by the Ministry of Micro, Small & Medium Enterprises (MSME), addresses the liquidity & working capital challenges faced by MSMEs. It serves as an electronic platform facilitating the financing and discounting of trade receivables of MSMEs through multiple financiers.
With C2treds live, C2FO distinguishes itself as the only fintech platform of scale in India offering both Ealy Pay (Dynamic Discounting) and TReDS functionalities. This unique combination not only enhances liquidity and finance accessibility for MSMEs but also enables large enterprises to create sustainable supply chains and achieve incremental savings. Additionally, it connects financiers with India's largest network of AA and higher-rated enterprises requiring Supply Chain Finance.
Basant Kaur, Country Head at C2FO India, expressed enthusiasm about the inaugural transaction, stating, “The single biggest impediment to growth in a business is the availability of working capital. With the launch of C2treds, we hope to unlock significant economic value for MSMEs and contribute to India’s rapid, inclusive economic growth. We express our heartfelt gratitude to the RBI and the Ministry of Micro, Small & Medium Enterprises for their support and extend our sincere thanks to Dabur and the State Bank of India for placing their trust in us as the inaugural participants on this journey.’’
In a joint statement on their decision to partner with C2treds, Mr. Ashok Jain, Exec. Vice President - Corporate Finance & Company Secretary at Dabur India & Mr. Rahul Sarawagi, DGM Head Treasury, expressed confidence in the platform, stating, "We have had a fruitful relationship with C2FO for the past eight years, benefiting our suppliers immensely from their Early Pay Program. Choosing C2treds as our TReDS platform of choice was a natural progression, given our positive experiences with C2FO. We believe this initiative will further strengthen our relationship with C2FO and our suppliers”
C2FO remains dedicated to empowering businesses with flexible and efficient financial solutions, driving economic growth and prosperity across India.
