CreditEnable ( www.creditenable.com ), a global credit insights and technology solutions company announced a strategic partnership with Flipkart, India’s homegrown e-commerce company, to increase access to affordable finance for Flipkart’s sellers on its marketplace platform in the country.
Today Flipkart is one of India's leading e-commerce companies and works with 300,000 sellers and has 300 million registered users.
CreditEnable has developed a technology platform that allows SME lenders and borrowers to effortlessly find their perfect match and allows both parties to transact on loans efficiently and cost-effectively. CreditEnable’s platform reduces the time and complexity of applying for a business loan and enables SME borrowers to secure the most affordable loan for their business. SMEs can avail of loans from 1 Lakh to 15 Crore through CreditEnable. CreditEnable’s platform will be embedded into Flipkart’s marketplace platform, where sellers gain direct access whenever they need financing.
Commenting on the partnership with CreditEnable, Ranjith Boyanapalli, Senior Vice President - Marketplace, Fintech and Payment Group, Flipkart, said: “Flipkart remains deeply committed to enabling the growth of MSMEs and our seller community, by supporting them with their business continuity and operations. With the ongoing pandemic, affordable finance for MSMEs has become even more critical as the market dynamics continue to evolve each day. Our partnership with CreditEnable’s platform, hence, is a further step towards opening access for our sellers to affordable finance products across more than 25 lenders and 100 specialist SME loan products. CreditEnable has significantly simplified the borrowing process, and we look forward to a close collaboration to bring more affordable financing solutions to our growing seller base.”
Commenting on the partnership Nadia Sood, Global CEO and Founder of CreditEnable, said, “We are delighted to be entering into a strategic partnership with Flipkart to help their 300,000 sellers across India access affordable finance. Through this partnership, we will further increase our ability to bring easy, affordable access to finance to more SME borrowers across India. Thousands of SMEs choose us every day to help them access finance and this partnership opens up a significant opportunity as a channel for us to reach SMEs wherever they are”
The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and Flipkart Wholesale. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's ecommerce revolution, with a registered customer base of over 300 million, offering over 150 million products across 80+ categories. Our efforts to democratize e-commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. The recent launch of Flipkart Wholesale, our new digital marketplace, is a testament to our commitment to accelerate the growth of kiranas and MSMEs in India. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. Together with Myntra, which holds a prominent position in the online fashion market, and now Flipkart Wholesale, the Flipkart Group will continue to steer the transformation of commerce in India through technology.
CreditEnable www.creditenable.com is a multi-award-winning credit insight and technology company that applies proprietary data analytics and AI to build solutions to the world’s biggest financial challenges. CreditEnable was recently awarded the Silver prize for Responsible Digital Innovator of the Year from the IFC and named one of the top 100 FinTechs in the world by the Central Bank of the UAE for its technology that bridges the gap between borrowers and lenders.
CreditEnable’s management team has more than 100 years of combined expertise in technology, credit, risk and the SME segment. They have built and managed credit and risk platforms and data analytics solutions for the largest global financial institutions, including Bankers Trust, Bank of America Merrill Lynch, Deutsche Bank, Citi and Experian. In India, CreditEnable works with more than 25 of India’s leading financial institutions including ICICI Bank, IDFC First Bank, Kotak Mahindra, Deutsche Bank, DBS, Bajaj Finserv among others. The firm is backed by Silicon Valley VCs Alter Global (Link) and Astia (Link), along with prominent Indian investors Aditya Ghosh (Link) and Vikram Gandhi (Link).
The firm also provides embedded financing solutions to e-commerce platforms and corporates to help SMEs in those ecosystems access affordable finance.