Snapdeal on Tuesday announced an initiative to ensure an easy access to working capital for sellers on its platform, which will enable them to enhance their financial liquidity and increase sales.
Under the Capital Assist programme, in tune with Snapdeal’s vision of getting one million businesses online, Snapdeal will work with banks and NBFCs to provide finances to the sellers. The amount of money disbursed to a particular seller will depend on their current and future business requirements.
The initiative is likely to benefit 50,000 sellers on Snapdeal platform, many of whom face hurdles in meeting working capital requirements and raising low cost capitals. The eligibility criteria for sellers to avail this service will be clearly defined by the company along with the funding partners, banks or NBFCs, on Capital Assist. To ensure the sellers have significant flexibility, they will be offered customised financing options based on business category and requirement.
?At Snapdeal, enabling SMBs to do business online is one of our key focus areas and our latest initiative Capital Assist will go further in strengthening this. We currently have around 50,000 sellers who are selling their products on Snapdeal and it is while working with them that we realised the issues they face while raising capital to fuel growth. We believe that this initiative will help them overcome this challenge to a large extent,? Snapdeal co-founder Rohit Bansal said in a release.
