EnableCap, a tech-enabled NBFC that provides hassle-free plans to disburse loans worth Rs. 100 crores to gig workers in India by 2023. With a mission to increase credit access to the underserved, the FinTech startup has already provided loans worth Rs. 3.2 crores to the gig workers.
Using its cutting-edge technologies to offer customized financial solutions, including microinsurance and microlending, EnableCap plans to target cities across India. However, initially, the company is starting with the western regions.
The Kolkata-based startup aims to cater to companies across sectors, including aggregator platforms, manufacturing companies, and employers with a large number of low-income or gig workers.
While India’s gig sector is expected to grow to $455 billion by 2024, nearly 90% of gig workers lost their jobs during the COVID-19 pandemic. Torn between protecting themselves and a need to continue earning, they were among the worst hit by the coronavirus pandemic. At a time when everyone was looking for financial relief more than ever before, they found themselves even more trapped. EnableCap’s initiative will support the gig economy by providing them something to lean on for their daily needs or in case of an emergency.
Speaking on the development, Mr.Nirpeksh Kumbhat,Co-Founder,EnableCap said,“The gig economy in India is largely unregulated and most of the employees work with little job security and few/zero benefits. With our latest initiative, we aim to loosen the burden of gig workers by providing customized loans that provide easy, accessible, and quick funding to them. Our flexible repayment schedules are designed in a way that would cater to the ups and downs of gig work.”
EnableCap has grown significantly since its inception. They are currently disbursing loans worth Rs. 75 lakhs in a month, and envision to cross the 2 crore mark by next month. With a 100% M-O-M growth rate, the company aims to expand to Rs. 24 crores per month in the coming year.