Flipkart to lend an additional INR 75 crores to its sellers

Sellers at Flipkart can seek loan at rate of interest of 11.40 percent 

Flipkart, the e-commerce giant, in the wake of encouraging advances worth Rs 125 crore for venders on its stage in one year, is about to lend a helping hand in the terms of an additional credit of Rs. 75 crores to help the sellers in the following couple of months.

Flipkart has collaborated with eight financial establishments including Axis Bank, Capital FirstBajajFinserv, Lendingkart and NeoGrowth to offer security free advances to merchants that are selling through its platform after dispensing Rs 125 crore worth of credits in the last year.

 As per the ‘Flipkart Growth Capital’ arrangementlaunched in the month of July a year ago, Flipkart merchants can benefit advances with interest rates beginning at 11.40 percent, Flipkart said in an announcement. The programme received more than 3,000 applications in the first few months of the launch and more than 800 advances have been dispensed already.Major applicants included sellers of electronics, mobiles, fashion and accessories besides others from the cities likeBangalore, Delhi-NCR, Erode, Jaipur, Meerut, Mumbai, Surat, Tirupur and Salem. 

As per Anil Goteti, the head at Flipkart, one of the major obstacle in the development and growth of small business, be it an offline or online space, is the unavailability of the funds. The programme is in the started in the view to assist the sellers to connect with the genuine finance lenders. Estimating from the rising demand for the programme, Flipkart says that the figure might reach to Rs. 200 crores towards the end of the festive season.

Flipkart is also planning to start promotional offers partnering with the lenders for the upcoming festive season in next two months. Idea behind this is to facilitate the sellers to avail the business opportunity and increase the sphere of their growth while delivering quality products to the customers that use Flipkart for trusted shopping experience.

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