Gurgaon-based online managed marketplace, ShopClues, has announced a financing platform for its vendors by the name “Capital Wings”. The platform which is planned for phased launch will enrol its more than 1,50,000 vendors.
The company has tied up with third party finance providers, Nationalised Banks and NBFCs, to empower its merchant base. The platform will offer working capital to vendors at highly competitive rates and without collateral to enable merchants scale their business.
Speaking on the initiative, ShopClues Co-founder & CEO, Sanjay Sethi said, “Merchant satisfaction is a very important business metric for us at ShopClues. They are equal stakeholders in our success and we wish to help them infuse new blood and energy into their businesses with this financing platform. Those who aspire to grow their ventures manifold, will be provided with a convenient platform where the process from application to loan amount disbursement will be complete within a week.”
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.