One of the leading FinTech lenders in India, InCred has entered into a strategic partnership with the e-commerce giant, Amazon.in. As part of the strategic tie-up, InCred will provide collateral-free, working capital loans of up to Rs. 50 lakhs to Amazon merchants via Amazon’s seller portal.
Owing to the ongoing pandemic, more consumers have made the shift to online shopping, leading to a surge in e-commerce. However, this development is adding to the pressure of e-tailers as they are not able to match the supply with demand on ground. The InCred and Amazon.in partnership aims to resolve this challenge by addressing the financial constraints of the Indian e-tailers. Both Amazon.in and InCred intend to empower them by extending quick, easy, and low-interest working capital loans based on their revenues, with minimal documentation and flexible repayment options. This capital can be used by them for capacity expansion or immediate business liabilities, thereby adding to the operational flexibility of their business.
Saurabh Jhalaria, CEO – SME business, InCred said, “Today, India is passing through an unprecedented period. During such testing times, we feel that it is our responsibility to ensure that the economic engine of our nation stays revving while people can also avail of their basic necessities at their doorsteps. Only this path is the way forward for our nation. Our partnership with Amazon.in is in line with this vision and we are confident that it will bring about the desired results.”
“The mission of Amazon.in’s seller lending program is to enable seamless access to credit for our sellers with transparent policies and low costs. This program enables sellers on the marketplace to avail affordable credit (term loans, working capital loans) seamlessly to meet their growth and working capital requirements. Our partnership with InCred aims is to provide faster capital needs at affordable rates to our sellers across India” said Vikas Bansal, Director – Amazon Pay India
At present, merchant loans are available across 10 states including Maharashtra, New Delhi, Telangana, Rajasthan, Tamil Nadu, Gujarat, Punjab, Andhra Pradesh, Karnataka and Haryana. The duo aims to gradually take the partnership to the pan-India level by adding more states to the list.