Flipkart Wholesale, the digital B2B market of the Flipkart Group, has launched new credit score packages to assist kiranas (small neighbourhood retailers) handle their working capital necessities, and this consists of ‘Straightforward Credit score’ — the retailers can avail credit score in simply two minutes — in partnership with IDFC First Financial institution.
Launched final 12 months, Flipkart Wholesale provides myriad merchandise to kirana retailers and MSMEs in classes together with grocery, basic merchandise, or vogue. Flipkart Wholesale’s new credit score schemes are in keeping with a collection of initiatives it has undertaken to resolve native ache factors of kiranas in India.
In keeping with Flipkart, the brand new credit score line will vary from Rs 5,000 to Rs 2 lakh with an interest-free interval of as much as 14 days. Kiranas may also avail the advantages of versatile reimbursement choices by way of money and on-line transfers in addition to prompt refunds in case of order cancellation whereas seamlessly holding a tab on their credit score stability and payments.
Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, was quoted as saying: “ We imagine our new credit score plan is tailor-made to resolve native challenges that kiranas in India face and can assist them handle their money circulation and enhance their buy expertise on our platform.”
Amit Kumar, Head-Retail Liabilities & Department Banking, IDFC First Financial institution, stated, “India’s kirana shops account for over two-thirds of the nation’s retail panorama. The partnership with Flipkart provides us a chance to allow kiranas to entry formal credit score and scale up enterprise.”
Flipkart Wholesale serves over 1.5 million members throughout the nation, which embrace kiranas/retailers, inns, eating places, cafeterias, workplaces and establishments.
Flipkart Wholesale witnessed 17% progress in its kirana buyer base in January-June 2021 in comparison with the identical interval final 12 months.
Flipkart Wholesale lately introduced plans to greater than triple its geographical footprint in India to shut to 2,700 cities.
Flipkart Wholesale competes with, amongst others, gamers like Amazon and Reliance’s JioMart that are additionally making big inroads into this area.