Food ordering and delivery platform Swiggy today said it has joined hands with fintech firm Indifi Technologies to launch 'Swiggy Capital Assist' programme for providing quick access to financing options to its restaurant partners.
The programme will provide the company's restaurant partners seamless access to additional working capital, helping them grow and expand their business, Swiggy said in a statement.
For Swiggy's restaurant partners, Indifi will complete the credit evaluation in less than 24 hours of document submission, and the entire loan disbursal will be done in a week, it added.
"Through Swiggy Capital Assist, we want to leverage our credibility to provide fair and hassle-free financing options to our restaurant partners, much like our seamless delivery service," Swiggy CEO Sriharsha Majety said.
With this programme, the company's objective is to enable small and medium scale restaurants to get quick access to capital, expand their presence, and continue on their journey to greater success, he added.
Swiggy Capital Assist will enable partner restaurants to avail collateral-free loans without initial deposits at a fair interest rate, the company said.
"Indifi's partnership with Swiggy creates a seamless financing platform for restaurant owners, as well as the data infrastructure to enable strong credit quality for lenders," Indifi COO Siddharth Mahanot said.
Swiggy has more than 18,000 restaurant partners across eight cities in the country.