To help offline sellers with working capital needs, online marketplace Snapdeal has tied up with Tata Capital to provide unsecured loans ranging from Rs 5 lakh to Rs 2 crore. This partnership is a part of Snapdeal’s Capital Assist programme started in August to get more offline sellers on board. Currently, it claims over 1,50,000 sellers on its platform.
“The partnership with Tata Capital for Capital Assist provides sellers an easy access to capital and helps them scale business on our platform. Partnerships like this will help us achieve our goal of creating 1 million successful online entrepreneurs in next three years,” said Vijay Ajmera, senior vice-president at Snapdeal. Tata Capital caters to financial needs of retail and corporate consumers and its Supply Chain Finance is one of the key product offerings with a book size of over Rs 5,000 crore.
Pradeep Bandivadekar, COO, corporate finance division, Tata Capital, said, “Tata Capital aims to be truly customer-centric by customising products and providing superior digital services to a wide range of customers. The partnership with Snapdeal is a step in this direction. We recognise the tremendous potential in the e-commerce sector.”
