Walmart-owned Flipkart on Thursday said it has expanded benefits under its seller financing programme ‘Flipkart Growth Capital’ to support business continuity and growth for its seller partners.
has forged new partnerships with multiple lenders under the ‘Working Capital’ loans programme to increase the breadth of options and opportunities available to lakhs of these marketplace sellers, a statement said.
These partnerships have enabled the ‘Growth Capital’ programme to provide sellers with fresh credit options of up to Rs 5 crore, it added.
The ‘Growth Capital’ programme is designed specifically to enable financial inclusion and independence for micro, small and medium enterprises (MSMEs) that operate online.
A kirana partner of Flipkart
Seller partners have leveraged benefits from the programme, resulting in an average loan size increase of 18 percent year-on-year, the statement said.
“Ecommerce has played a transformational role for sellers and MSMEs in recent years, especially during the pandemic, by providing new avenues for their growth and expansion. The scope and the benefits of the Growth Capital programme will help them speed up cash flows and manage procurements better,” Flipkart Senior Vice President – Marketplace, Fintech and Payments Group Ranjith Boyanapalli, said.
He added that the application process is now faster, and sellers 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,” he said.
In another development, Flipkart had said the kirana partners, or small retailers, on its network registered a 30 percent rise in average monthly delivery incomes in 2020.
Flipkart’s kirana programme onboards mom-and-pop stores, including general stores, tailor shops, and more, delivers shipments and creates new revenue channels for themselves.
A statement from the company said, “This is a testament to Flipkart’s commitment to the partnership with India’s oldest form of retail to augment their incomes and create newer avenues for them through digital means.”