Cash Suvidha has announced its partnership with LoanMeet which is run by Strivers Solutions Pvt. Ltd. to enable retailers to avail inventory from distributors at credit in Bangalore & Mysore.
LOANMEET is a Bangalore based lending platform, and it sees tremendous opportunities in the offline inventory financing business. It is leveraging technology to fundamentally transform inventory financing for retailers. Cash Suvidha and LoanMeet will together work to provide inventory financing from distributors to retailers in Bangalore & Mysore, with a credit line for 30 days and 1-6 months working capital loans up to Rs. 5 lac and will soon start serving Pune, Mumbai & Delhi as well.
Commenting on the same, Mr. Rajesh Gupta, founder, Cash Suvidha, said “Considering that India is now the second largest smartphone market in the world with the top five vendors now accounting for 75 per cent of total shipments, there is a growing need to efficiently maintain inventories to cater to the demand of the consumer base. Lack of funds could be the biggest pain points for the distributors and we aim to fix this by providing smooth inventory financing.”
The initiative is a part of Cash Suvidha's commitment to provide easy access to finance. Apart from stirring the journeys of budding and longstanding entrepreneurs, Cash Suvidha, also deals with women empowerment on a micro level.
The innovative use of technology further simplifies the lending process, enhances the speed, provides price transparency, improves customer experience and reduces borrowing cost.