Snapdeal is offering pre-approved loans ranging from Rs 10 lakhs to Rs 1 crore to its merchants from banks and NBFCs as working capital for its merchants.
The offer comes as a part of Snapdeal’s capital assist programme which aims to offer a platform for sellers to meet their growing capital needs.
The programme which was launched last year currently has enabled 300 merchants to avail loans of over Rs 100 crore.
Snapdeal has 200,000 merhants in is marketplace and aims to attract more merchants through this programme.
“If we are growing 3x or 4x times, we also want them (merchants) to grow fast but for smaller sellers working capital is a big hurdle. Our aim is to empower over 1,000 of our sellers in the next one year through this platform. We have also seen a positive response from the funding partners and we hope to extend the network to 25 banks and NBFCs by end of this year,” said Vijay Ajmera, senior VP, Snapdeal, in a statement to Business Standard.