Empowering MSMEs: RXIL’s Journey to Leadership in TReDS

THE CHALLENGE

RXIL, a joint venture between SIDBI and the National Stock Exchange (NSE), operates India’s first Trade Receivables Discounting System (TReDS) platform, approved by the RBI. Despite being a pioneering initiative, RXIL faced challenges in creating widespread awareness about the TReDS platform and its significant role in addressing the liquidity concerns of MSMEs. The key hurdles included limited understanding of TReDS among MSMEs, inadequate engagement with policymakers, and low media visibility in a competitive financial ecosystem. RXIL needed to establish itself as a thought leader in the invoice discounting space and drive adoption of the platform among stakeholders, ministries, and MSMEs across the country.

THE STRATEGY

Madchatter devised a comprehensive PR and advocacy strategy to position RXIL as the leader in the invoice discounting sector. The campaign focused on amplifying RXIL’s brand visibility and highlighting its role in addressing MSME liquidity challenges. Thought leadership was a cornerstone of the strategy, with initiatives like exclusive interviews with RXIL’s leadership, authored articles, and industry commentary. Targeted storytelling was used to showcase RXIL’s successes and its tangible impact on MSMEs. Additionally, efforts were directed towards engaging policymakers and influencing critical decisions, such as the expansion of TReDS scope and the extension of moratoriums for MSMEs during the pandemic.

THE EXECUTION

Madchatter executed a multi-pronged approach to achieve the campaign’s goals. Over 230 media stories were secured in top-tier publications such as The Economic Times, Mint, and Financial Express, reinforcing RXIL’s leadership position. Exclusive interviews with RXIL’s MD & CEO, Ketan Gaikwad, and CFO Kailash Varodia were organized to highlight the platform’s benefits and address pressing issues in the MSME ecosystem. Authored articles and op-eds were leveraged to advocate for policy changes, including extending the moratorium for MSMEs to 360 days. Regional media outreach was undertaken to encourage the adoption of TReDS by state governments, while direct communication with MSMEs emphasized the platform’s role in alleviating their financial challenges.

THE OUTCOME

The campaign significantly elevated RXIL’s visibility and established its dominance in the TReDS ecosystem. With over 1.8 billion impressions and INR 20+ crores in PR value, RXIL became synonymous with MSME empowerment and invoice discounting. The storytelling approach resonated with policymakers, resulting in key policy changes like extending the MSME moratorium to 360 days. Media coverage spanned national and regional outlets, ensuring comprehensive awareness among diverse stakeholders. RXIL’s efforts in promoting liquidity solutions for MSMEs positioned the platform as a critical enabler of financial inclusion and growth.

Media Coverages
200 +
PR Value
INR 0 Cr+
Reach
1 Billion Impressions