Flipkart Expands Seller Benefits with Fundraising Program
Flipkart has further expanded its benefits through its vendor finance program, “Flipkart Growth Capital” for its vendor partners. In order to provide the benefits, Flipkart has partnered with several lenders, depending on the business needs of the sellers. According to a company statement, these partnerships have enabled the “ Growth Capital ” program to provide new credit options to sellers ranging from ₹5 lakh up to ₹5 crore.
The new program allows sellers to obtain secured and unsecured loans at an interest rate as low as 9%. The e-commerce giant claims that with the help of technological synergies, sanctions are instantaneous and disbursements within 24 hours of request.
Commenting on the announcement, Ranjith Boyanapalli, Senior Vice President Marketplace, Fintech & Payments Group, Flipkart, said: “E-commerce has played a transformational role for sellers and MSMEs in recent years, especially since the pandemic, by offering them new avenues for growth and expansion. The reach and benefits of the Growth Capital program will help them accelerate cash flow and better manage purchasing. ”
Boyanapalli added, “The application process is now faster and they can choose from a wide range of lenders according to their needs. At Flipkart, we continue our efforts to democratize our marketplace platform not only to make it more inclusive, but also for technology and innovation to support our sales partners in their digital journeys and ambitions. “
The company says the application process has also been simplified for sellers. Flipkart redirects interested sellers from its portal to the lender’s portal.
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