Mumbai, 25 February 2025: The Clothing Manufacturers Association of India (CMAI), has signed a strategic MoU with BillMart Fintech Pvt. Ltd., making it the official Digital Funding Partner for its members. BillMart, India’s leading new-age digital lending platform specializing in bill discounting, trade finance, and supply chain solutions, will provide CMAI members with seamless access to innovative financial solutions. BillMart also participated in the 80th National Garment Fair, engaging with industry leaders on the future of digital financing in the apparel sector.
The Indian textile and apparel industry is valued at $138 billion, with the domestic apparel market alone accounting for $100 billion. The sector is one of the largest employment generators, supporting over 45 million people, including a vast network of MSMEs that form the backbone of this industry.
With this partnership, CMAI members will gain seamless access to bill discounting, and working capital solutions, enabling faster credit processing and improved liquidity. Through BillMart’s AI-powered financing platform, garment businesses can now convert outstanding invoices into immediate cash flow, ensuring smoother operations, better supplier relationships, and enhanced business growth.
CMAI’s Vision for Financial Inclusion
On this development, Mr Santosh Katariya, President, Clothing Manufacturers Association of India (CMAI), said, “With India’s garment industry growing at a 10% CAGR, financial agility is crucial for manufacturers to stay competitive. Smooth money rotation is essential for business sustainability, and this collaboration with BillMart will provide CMAI members with innovative financial solutions to fuel expansion. The tailored offerings will empower garment manufacturers by improving liquidity, meeting market demands efficiently, and enabling scalable growth. This partnership is a significant step in revolutionizing trade finance for the garment industry, ensuring that businesses of all sizes can unlock capital faster, optimize working capital, and drive long-term success.”
Driving Growth & Financial Access for MSMEs-SMEs
Sharing his thoughts on the collaboration, Mr. Ashok Mittal, MD & CEO, BillMart Fintech, said, “With the textile and apparel sector employing over 45 million people, MSMEs-SMEs play a critical role in both domestic supply chains and exports. Accessibility to fast and efficient funding is key to sustaining and scaling these businesses. Our AI-driven trade finance and bill discounting solutions will help CMAI members manage working capital efficiently, reduce financial stress, and fuel business expansion. By leveraging technology, we aim to make supply chain finance smarter and more accessible, ensuring liquidity support for apparel businesses at every level.”
About CMAI
Established sixty-one years ago, The Clothing Manufacturers Association of India (CMAI) is the most representative association of the Indian apparel industry having over 5000 members and serving more than 35,000 Retailers across India. Its Membership consists of Manufacturers, Exporters, Brands, and ancillary industry.
CMAI has contributed immensely towards development of the industry. It acts as a catalyst of Change, Evolution, and Transformation by regular interactions with the Government to encourage industry-friendly policies on one hand, and with the Members to keep pace with the dynamics of market forces on the other. CMAI has been responsible for influencing several measures in policies of the Government including GST, PLI, Duty Drawback, Export Promotion Schemes, FTAs, etc. It is also playing a vital role in pushing the industry into a more ESG and Sustainability oriented working.
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