BillMart Fintech Pvt. Ltd. a leading digital lending platform in India specializing in bill discounting, trade finance, and supply chain solutions, has entered into a strategic Memorandum of Understanding (MoU) with the Clothing Manufacturers Association of India (CMAI). As part of this collaboration, BillMart will serve as the official Digital Funding Partner for CMAI’s members. BillMart also participated in the 80th National Garment Fair, where it engaged with industry leaders, hosting informative sessions on the future of digital financing in the apparel sector.
Valued at $138 billion, the Indian textile and apparel industry includes a $100 billion domestic apparel market and is one of the largest employment sectors, supporting over 45 million people, including a significant network of MSMEs that form the backbone of the industry.
Through this partnership, CMAI members will benefit from streamlined access to bill discounting and working capital solutions, allowing for faster credit processing and improved liquidity. By leveraging BillMart’s AI-powered financing platform, garment businesses can quickly convert outstanding invoices into immediate cash flow, resulting in smoother operations, stronger supplier relationships, and greater business growth.
Fostering Growth and Expanding Financial Access for MSMEs and SMEs
Ashok Mittal, MD & CEO of BillMart Fintech, expressed his views on the partnership: “The textile and apparel industry, which employs over 45 million people, relies heavily on MSMEs and SMEs for both domestic supply chains and exports. Quick and efficient access to funding is crucial for the growth and sustainability of these businesses. Our AI-powered trade finance and bill discounting solutions will enable CMAI members to manage working capital effectively, alleviate financial pressures, and drive business growth. Through technology, we aim to make supply chain finance more intelligent and accessible, providing liquidity support to apparel businesses at all levels.”
CMAI’s Commitment to Financial Inclusion
Commenting on this development, Santosh Katariya, President of CMAI, stated, “As India’s garment industry grows at a 10% CAGR, financial agility is vital for manufacturers to remain competitive. Efficient cash flow is key to sustaining business operations, and this partnership with BillMart will offer CMAI members innovative financial solutions to drive expansion. The customized offerings will enhance liquidity, help meet market demands more effectively, and support scalable growth. This collaboration marks a significant milestone in transforming trade finance for the garment industry, ensuring businesses of all sizes can access capital more quickly, optimize working capital, and achieve long-term success.”
