Flipkart, India’s homegrown e-commerce marketplace, has further expanded benefits under its seller financing program, ‘Flipkart Growth Capital’, to support business continuity and growth for its seller partners.
The e-tailer has forged various new partnerships under the working capital loans program to increase the breadth of options available to lakhs of these marketplace sellers, through multiple lenders, based on their specific business needs. These partnerships have enabled the ‘Growth Capital’ program to provide fresh credit options to sellers ranging from ₹5 lakh to up to ₹5 crore.
The program enables sellers to get secured/unsecured loans at an interest as low as 9 per cent, with sanctions happening instantly and disbursals within 24 hours of the application. The Growth Capital program is designed specifically to enable financial inclusion and independence for MSMEs who operate online. Seller partners have leveraged the program’s benefits, resulting in an average loan size increase of 18 per cent YoY.
“E-commerce has played a transformational role for sellers and MSMEs in recent years, especially since the pandemic, by providing new avenues for their growth and expansion. The scope and the benefits of the Growth Capital program will help them speed up cash flows and manage procurements better. The application process is now faster, and they can choose from a wide set of lenders as per their requirements. At Flipkart, we continue our efforts to democratise our marketplace platform to not only make it more inclusive but also build on technology and innovation to help our seller partners with their digital journeys and ambitions” said Ranjith Boyanapalli, Senior Vice President - Marketplace, Fintech & Payments Group, Flipkart.