Indifi Technologies, an enabler for SME funding in India, has partnered with Mumbai based business correspondent Suvidhaa Infoserve , in order to facilitate easy credit for Suvidhaa’s retailers.
This tie up is expected to meet the credit needs of Suvidhaa’s more than 90,000 retail agents and help them manage operations better, expand and enhance efficiency. These channel partners include general merchants, domestic remittance distributors, small kirana shops, mom-and-pop mobile recharge shops and tours & travel agents.
Small and Micro retailers face a huge challenge in terms of meeting working capital requirement to scale up their businesses and service more clients. Indifi Technologies will expand formal credit facility to these small enterprises.
The loan size range from Rs. 50,000 to Rs. 7,00,000 with the average being Rs. 1,50,000. The primary determinant of loan amount eligibility will be the channel partner’s transaction history with Suvidhaa.
Indifi will then proceed with necessary credit checks to sanction the eligible loan amount. The loan request is seamlessly processed on the Suvidhaa platform itself.
This tie up will be following up on the previous partnership that Suvidhaa had with private sector lender Axis Bank for instant loans for its remittance customers who regularly use the Suvidhaa platform to send money to their families.
“This data driven solution has the potential of connecting millions of SMEs, MSMEs and retailers to potential lenders across India for their working capital requirement and expand their business,” said Paresh Rajde, Founder, Suvidhaa Infoserve.
Source: Economic Times
