Shopclues to disburse loans worth Rs 5,000 cr
Aug 23 2016
Sellers can avail unsecured loans for interest rates starting from 10.25 per cent
Sellers can avail unsecured loans for interest rates starting from 10.25 per cent along with customized solutions for repayment and prepayment of loans. More than 1200 merchants have availed Rs 100 crore disbursed so far through this initiative. Amongst the prominent partners of ShopClues are banks such as SBI, ICICI and NBFCs such as Capital Float, Indifi and FlexiLoans.
“At ShopClues, the interest of our merchants has always been a top priority. As 80 per cent of our merchants are from tier 2 and tier 3 cities, the core challenge for them was to arrange working capital for starting and scaling their online business. Capital Wings was launched with the intent of making working capital available for merchants with flexible EMI options. Through the easy financing solutions on offer, merchants no longer need to worry about their cash flows. They can focus single-mindedly on their business and on driving sales. This initiative has already bolstered the business of 1,200 merchants so far, and in view of the upcoming festive season we aim to enable more merchants with the requisite finance to meet the high demand,” said Ganesh Balakrishnan, AVP - Merchant Services.
Capital Float, one of the NBFC partners for Capital Wings, is a digital finance company which provides working capital finance for SMEs in India. The company’s mission is to bridge the current gap in the market with financial products for SMEs and deliver capital in an efficient and customer-friendly manner.
“This partnership is a reflection of our commitment to effectively address the needs and requirements of our customers, and we are confident that it will go a long way in paving the way for future collaborations within India’s e-commerce ecosystem,” Gaurav Hinduja, Co-founder, Capital Float said.