Banks and NBFCs can participate to provide low-cost financing to sellers on the Indian e-commerce marketplace
It will help sellers meet their growing working capital requirement as they scale their businesses on the Snapdeal marketplace platform, said an official statement.
Banks and non-banking financial companies (NBFCs) can participate to provide low-cost financing to sellers depending on their current and future business requirements.
Rohit Bansal, Co-founder and COO, Snapdeal said, “At Snapdeal, enabling SMBs to do business online is one of our key focus areas and our latest initiative, Capital Assist, will go further in strengthening this. We currently have around 50,000 sellers who are selling their products on Snapdeal and it is while working with them that we realised the issues they face while raising capital to fuel growth in their businesses. We believe that this initiative will help them overcome this challenge to a large extent.”
SMBs in India face major hurdles in terms of meeting their working capital requirements and raising low-cost capital, while attempting to grow their business. This platform will benefit sellers on Snapdeal by enhancing their financial liquidity.
The eligibility criteria for sellers to avail of this service will be clearly defined by the company along with the funding partners (banks/NBFCs) on Capital Assist. In order to ensure that Snapdeal sellers have significant flexibility, customised financing options will be offered to them based on their business category and requirement.