Capital Float Partners With Amazon India To Disburse Thousands Of Loans To E-sellers
Bangalore, 20 March, 2017 – Capital Float, the largest digital lending platform to SMEs in India, has recently partnered with Amazon India to enable e-commerce sellers to effectively manage their dynamic working capital requirements. Capital Float is the only Fintech start-up to partner with Amazon India Marketplace and has successfully disbursed thousands of loans to e-sellers on the B2C platform since the start of the partnership in October 2016. The company has also partnered with other leading e-commerce platforms, including PayTM, Snapdeal and Shopclues.
India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users. E-commerce revenue is expected to jump from USD 30 billion in 2016 to USD 120 billion in 2020, growing at an annual rate of 51%, the highest in the world. Therefore, digital lenders will play an integral role in creating an inclusive financial ecosystem for merchants to support this growth.
“E-commerce merchants require quick, short-term credit that can be used to boost their inventory in order to meet the spikes in demand. We designed a customized solution called Pay Later, a collateral free credit facility for online sellers that helps them make supplier payments within 24 hours,” said Gaurav Hinduja, Co-founder and Managing Director of Capital Float. “We customize the credit underwriting parameters using cutting-edge technology and Big Data analytics to help us assess e-sellers individually. Basis the underwriting, we are able to offer customized working capital finance to these sellers in a timely and efficient manner,” he added.
“The easy access to credit offered by Capital Float has enabled the sellers on our platform to expand operations and effectively manage seasonal spikes. This is essential in helping sellers get access to working capital, source or manufacture products to meet the increasing demands from millions of customers, essentially resulting in sellers being successful on Amazon India. This is an enabler in achieving our vision of transforming the way India buys and sells.” said Gopal Pillai, GM and Director Seller Services, Amazon India.
With loan sized of INR 2 lacs and above, the initiative is helping finance e-sellers who are part of the Smartphones, Consumer Electronics, Consumer Durables and fashion verticals of Amazon India. In 2017, Capital Float will expand this partnership to finance more e-sellers across verticals, strengthening its position as the largest financier for e-sellers in the country.