Flipkart Wholesale, the B2B marketplace of the Flipkart Group, has announced the launch of new credit programmes for kirana stores and retailers to meet their working capital requirements.
Under this programme, Flipkart Wholesale, in partnership with IDFC First Bank, will offer credit in the range of Rs 5,000 to Rs 2 lakh with an interest-free period of up to 14 days.
Besides, the kirana stores can also avail the benefits of flexible repayment options through cash and online transfers and instant refunds in case of order cancellation.
On the new initiative, Adarsh Menon, Senior Vice President and Head – Flipkart Wholesale, said, “Our key goal at Flipkart Wholesale is to make business easier for kiranas and retailers and boost their growth journey. We believe our new credit plan is tailored to solve local challenges that kiranas in India face and will help them manage their cash flow and improve their purchase experience on our platform, thereby ensuring that the benefits of digitisation trickle to the entire B2B retail ecosystem.”
Flipkart Wholesale serves over 1.5 million members across India, which include kiranas/retailers, HoReCa (hotels, restaurants and cafeterias), and O&I (offices and institutions).
Flipkart Wholesale has also announced plans to more than triple its geographical footprint in the country to reach out to 2,700 locations. It also witnessed strong growth in the first half of 2021, which boosted the strong adoption of ecommerce by retailers and kirana stores.
Amit Kumar, Head-Retail Liabilities and Branch Banking – IDFC FIRST Bank, said, “India’s kirana stores account for over two-thirds of the country’s retail landscape. This traditional trade is now evolving in terms of retail formats and business models. As a bank with a digital-first approach and focus on serving the retail ecosystem, we are keen to contribute to the growth of this segment. The partnership with Flipkart gives us an opportunity to enable kiranas to access formal credit and scale up the business.”