Swiggy partners with Indifi Tech to launch financing program for restaurant partners
, ET Bureau|
Updated: Oct 12, 2017, 02.20 PM IST
MUMBAI: Food delivery firm Swiggy has introduced its partner financing program, Swiggy Capital Assist for restaurant partners on its platform.
The program which is being offered in partnership with fintech firm Indifi Technologies, will see the Naspers-backed company offering restaurant partners access to loans for working capital as also expanding their business on Swiggy and offline.
“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.” said Sriharsha Majety, CEO, Swiggy. “With this program, our 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’s financing program will offer partner restaurants collateral-free loans without initial deposits at an interest rate, the company says is fair and as per market standards. For restaurants applying for this program, Indifi will undertake the credit evaluation exercise within 24 hours of the document submission and will process loans within a week.
Additionally, the Swiggy Capital Assist program will provide a rebate on the loan, depending on the volume of sales the restaurant clocks on Swiggy. Swiggy expects the move will be especially beneficial for small and medium sized restaurant partners who find it challenging to secure loans through traditional financing methods.
The program will be open to all 18,000 restaurant partners on Swiggy’s platform. Since launching its pilot in mid-September, the program has received over 200 applications from restaurant partners across the eight cities where Swiggy is present including Delhi, Mumbai, Bangalore, NCR, Hyderabad, Kolkata, Pune and Chennai.
The program which is being offered in partnership with fintech firm Indifi Technologies, will see the Naspers-backed company offering restaurant partners access to loans for working capital as also expanding their business on Swiggy and offline.
“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.” said Sriharsha Majety, CEO, Swiggy. “With this program, our 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’s financing program will offer partner restaurants collateral-free loans without initial deposits at an interest rate, the company says is fair and as per market standards. For restaurants applying for this program, Indifi will undertake the credit evaluation exercise within 24 hours of the document submission and will process loans within a week.
Additionally, the Swiggy Capital Assist program will provide a rebate on the loan, depending on the volume of sales the restaurant clocks on Swiggy. Swiggy expects the move will be especially beneficial for small and medium sized restaurant partners who find it challenging to secure loans through traditional financing methods.
The program will be open to all 18,000 restaurant partners on Swiggy’s platform. Since launching its pilot in mid-September, the program has received over 200 applications from restaurant partners across the eight cities where Swiggy is present including Delhi, Mumbai, Bangalore, NCR, Hyderabad, Kolkata, Pune and Chennai.
