Snapdeal and Tata Capital Come Together to Help Online Merchants
07/22/2015 17:58
Indian online shopping store Snapdeal has tied up with Tata Capital, which will allow sellers on the online portal and other online merchants to take a loan up to 2 crores, the company announced in a statement today. Now, online sellers will be able to enhance their business by taking a loan from Tata Capital for anywhere between Rs. 5 lakh to 2 crores.
"Tata Capital has entered into a tie up with Snapdeal under Capital Assist program. Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space," Pradeep Bandivadekar, COO, corporate finance division, Tata Capital said in a statement.
With 1, 50,000 connected sellers across 5,000 locations in the country, Snapdeal has a wide network of merchants online. "Tata Capital, the financial services arm of the Tata Group, caters to the diverse financial needs of retail and corporate consumers. Tata Capital's Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore," the statement added. The financial trading of Snapdeal will be on a rise with this step.
Vijay Ajmera, senior vice president, Snapdeal added, "Snapdeal's customers are served by over 150,000online merchants. The partnership with Tata Capital for Capital Assist, Snapdeal's Seller financing program provides them easy access to capital and helps them scale their business on our platform".
This ligature has come up as a boon for online merchants, as they will be able to augment their business by taking a loan from the said association. We have to wait to see how many of them takes the advantage and flourish on the online platform.
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