Flipkart has created a variety of new partnerships under the Working Capital Loan Program, offering a range of options and opportunities available to hundreds of thousands of these marketplaces through multiple lenders based on specific business needs. The company is expanding, the company said in a press release.
The Growth Capital Program allows sellers to obtain secured and unsecured loans at low interest rates of at least 9%. With the help of technology synergies throughout the ecosystem, sanctions will be implemented immediately and payments will be made within 24 hours of application. It is specially designed to provide financial inclusion and independence for MSMEs operating online. Seller partners have taken advantage of this program, resulting in an 18% year-on-year increase in average lending.
The program also aims to bridge the gap between financial institutions and underserved people. As part of the program, a new product called “early payment” was introduced to enable the technology. This helps sellers manage their cash flows and procurement requirements without any financial burden. According to the release, seller partners who opt in to this product will also benefit from fee exemptions during this period.
“E-commerce has played a transformative role for sellers and micro-enterprises in recent years, especially since the pandemic, by providing new means for their growth and expansion. The scope and benefits of the Growth Capital Program are: It helps speed up cash flow and better manage procurement. The application process is faster and you can choose from a wider range of lenders according to your requirements, “Flipkart’s Marketplace, Fintech. & Payment Group Senior Vice President Ranjith Boyanapalli said.
Flipkart plays a key role in making affordable credits accessible to all sellers, regardless of vintage or size of business. The application process has also been simplified. Flipkart automatically and instantly redirects interested sellers from their portal to the lender’s portal, speeding up application processing and improving sanctions and payment timelines.
Fiber2Fashion News Desk (KD)
Flipkart, India’s e-commerce marketplace, has expanded its benefits under Flipkart Growth Capital, a seller finance program, to support the business continuity and growth of its seller partners. We are building a new partnership to offer sellers new credit options ranging from Rs 500,000 to Rs 50 million, and we are also introducing early payment options.
Indian e-retailer Flipkart expands benefits under seller financing.
Source link Indian e-retailer Flipkart expands benefits under seller financing.