Online lending platform Capital Float claims to have witnessed a 400 per cent growth in Delhi-NCR region in 2016 as over 1,000 SMEs availed loans on the platform.
“Our disbursal volumes and values have skyrocketed in Delhi NCR in 2016. In the coming year, we are expecting a 500% rise in disbursals for all our products, while increasing our customer base by 600%” said Gaurav Hinduja, Co-Founder, Capital Float.
The company said the growth came in both in terms of value of loans disbursed and the number of customers. Its tie ups with Snapdeal, Shopclues, PayTM, OfBusiness and Industrybuying, among others, have also aided Capital Float to make the most of the opportunity in this fast growing market,the company said in a statement.
The total loan disbursals of the company’s products in the market rose steeply with Pay Later and Unsecured Business Loan being the top performing products with 140% and 300% growth respectively over 2015.
Additionally, the Online Seller Finance contributed over 30% in volume. Newly-introduced products like Merchant Cash Advance and Vehicle Finance are poised for similar growth numbers given the rising market interest in these products. To better serve this growing market, Capital Float has opened a new office in Karol Bagh, New Delhi to accommodate a larger team with all the latest infrastructure.
The SME lending market in India is worth almost $300 billion today and the digital finance segment constitutes 10% of it. The northern region makes up about 35-38% of the total addressable market which is worth about $10 billion. The CAGR is expected to remain 17-20% for the next 5 years and post-demonetisation, it might even surpass 20%.
Source: Business Line