India’s Largest Retail Finance NBFC is Here

 India’s Largest Retail Finance NBFC is Here – Shriram Finance Limited.  

Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance

• Shriram Finance Limited is a diversified NBFC with Net worth of INR 409 billion
• Catering to the diversified needs of 6.7 million customers in rural and semi-urban India with an AUM of INR 1.71 trillion
• Announces the growth strategy - Driving the Self-employed and Small Business Economy

Shriram Transport Finance Company, the largest financier of commercial vehicles, and Shriram City Union Finance, the largest two-wheeler financer and leader in micro, small and medium enterprise (MSME) lending, have been merged to form Shriram Finance Limited (Shriram Finance). Shriram Finance will be a diversified player with a robust net worth of Rs 40,900 Crs and Assets under Management (AUM) of Rs 1,71,000 Crs, the Company caters to over 6.7 million customers across India. The growth strategy for the Company will be focused on driving the self-employed and the MSME economy.

 

Mr Umesh Revankar, a long-serving Shriram veteran, will serve as Executive Vice Chairman of the merged entity. Commenting on the merger he said, “It is the natural culmination of a journey of 43 years. With the balance sheet strengthened through the merger, we can serve the needs of the market better than ever before. As a customer-focused company, we can bring more products and assist them with access to credit faster. We have invested heavily in technology to improve efficiency and customer service levels. We are looking forward to an exciting phase of sustained double-digit growth.”

Mr YS Chakravarti, MD & CEO, Shriram Finance commented, “The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs. We are always close to the market with our 3600+ locations. All our business segments– financing commercial vehicles, MSMEs, Personal Loans, Gold Loans, or Vehicle Loans – are poised to grow.”

Shriram Finance further announced the appointment of Mr Jugal Kishor Mohapatra as Chairman of the Company and Mrs Maya Sinha as an Independent Director.

The company also announced its growth strategy - Driving the Self-employed and Small Business Economy and has chalked out five strategic pillars to drive future growth:

1. To be the country’s most preferred financial services destination
2. Focus on self-employed, small businesses and new-to-credit customers
3. Diversified product portfolio across credit, insurance and investing to capture a larger wallet share
4. Generate an industry-leading Return on Asset (ROA) and Return on Equity (ROE) in the long term
5. Delivering customer delight in rural and semi-urban areas by leveraging technology and through empowered employees

Founded in 1979 by the legendary Shri R Thyagarajan, Shriram always worked with a social consciousness that business must first and foremost serve the people. It is particularly proud of the fact that it has brought credit to millions of people who were otherwise denied access. The contrarian view has helped build one of India’s foremost financial institutions. Shriram Finances’ 57,000-plus employees will attest to this.

Highlights:

 

1. Shriram Finance Limited is a diversified NBFC with Net worth of INR 409 billion
2. The company also announced its growth strategy – “Driving the self-employed and Small Business Economy” and has chalked out five strategic pillars to drive future growth
 - To be the country’s most preferred financial services destination
 - Focus on self-employed, small businesses and new-to-credit customers
 - Diversified product portfolio across credit, insurance and investing to capture a larger wallet share
 - Generate an industry-leading Return on Asset (ROA) and Return on Equity (ROE) in the long term
 - Delivering customer delight in rural and semi-urban areas by leveraging technology and through empowered employees
3. Shriram Finance’s new business structure encourages entrepreneurship & diversified product bouquet
4. Shriram Finance becomes the largest retail NBFC of India
5. 6.7 million customers to get diversified financial services under Shriram Finance
6. Merger forms new launch pad for Shriram Finance retail products
7. Merger gives birth to a new NBFC giant
 - Shriram Finance strengthening its base in tier 2 and 3 cities
 - 3,600 + locations
6.  Merger strengthens NBFC pillar of the economy 
 - NBFCs account for 20% of the total credit in the country
7. Merger driving the India growth story by serving the under-served
 - Serving tier 2-3 cities lower-income individual to shape their destinies
 - Lending power leads individuals for better living

Khatabook Launches Automated Bot Call Reminder Feature to

  Khatabook Launches Automated Bot Call Reminder Feature to Improve Credit (Udhar) Collection for its Merchant users

India’s first Interactive Voice Response (IVR) based feature deployment for MSMEs 

Khatabook, India's leading fintech startup has released the Automated Bot Call Reminder Feature to improve the credit / Udhari collection for its Merchant userbase. The Automated Bot Call Reminder is the first Interactive Voice Response (IVR) based feature deployment exclusively for MSMEs, which is made available in nine Indian languages.

Money recovery for sale on credit / Udhar vaapsi has been a major business pain point for MSMEs in India. The text-based recovery reminder feature on Khatabook app has contributed tremendously in scaling the app because of its impact in improving cash flows for the users. This new capability is a premium voice enabled feature designed to further simplify and improve Merchants' credit collection from their customers through Automated IVR calls using a third party service. This feature is categorized into four sub-features: Automated Call, Bulk Call, Collection Dashboard, and Call History. The automated calls placed through Khatabook Call reminder feature are followed up with text-based SMS with payment collection links for fast recovery. In addition, users who need to collect payment from multiple customers on a particular date can do so by setting up bulk call reminders.

"In our endeavor to set a benchmark in the MSME tech space, we are democratizing processes for small businesses by providing them access to the digital tools which were used only by large organizations earlier. As per Khatabook user insights, nearly 30 percent of customers of any merchant require an extra nudge for payment collection. Building on this need as we look to maximize value for our users, we have introduced the Automated Bot Call Reminder feature to save the merchants' time on follow-ups and enhance their credit recovery through automation. We are using tech as an equalizer of the opportunities." Said Ravish Naresh, CEO, and Co-founder, Khatabook.

Amidst the growing demand for technology solutions by India's MSMEs, Khatabook experienced 150 percent Y-o-Y growth in FY 20-21. The startup has recently closed a USD 100 million Series C funding round, with a valuation close to USD 600 million. Khatabook intends to focus on financial service disbursement through its tech platforms catering to 10Mn+ Monthly active users distributed throughout the geographical expanse of the country.

U GRO Capital and Kinara Capital Announce

U GRO Capital and Kinara Capital Announce Co-Origination Partnership

 

·         Kinara Capital connects its platform with U GRO Capital’s GRO X-stream platform

·         U GRO commits to extend INR 100 Crores in Collateral-Free Loans to MSMEs

 

U GRO Capital, a listed, small business lending MSME focused fintech platform, and Kinara Capital, a fast-growing fintech, today announced a strategic co-origination partnership to offer collateral-free business loans to small business entrepreneurs in India. Together, both companies plan to disburse INR 100 crores by the end of FY2022 to MSMEs in Manufacturing, Trading and Services sectors.

 

The co-origination arrangement will leverage U GRO’s analytical data driven decisioning and integration through APIs with the smart technology platform of Kinara Capital. With years of AI/ML based decisioning and underwriting experience, Kinara Capital can take an MSME entrepreneur from loan application to loan disbursement within 24-hours. MSMEs across 300+ pin codes in Tier 1-3 cities will benefit from this partnership where Kinara is presently operating in the urban, semi-urban and peri-urban areas of Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Telangana and UT Puducherry.

 

The collaboration is being made possible by U GRO Capital’s Gro X-stream platform, which is an API-driven and highly customizable technology platform for FinTechs, Payment Platforms, NBFCs, NeoBanks, Market places and other digital platforms. Through this platform, U GRO coordinates MSME loans and also does Co-lending with large Banks & Financial Institutions. The company has signed 15+ co-origination partnerships with multiple partners.

 

Together, U GRO Capital and Kinara Capital aim to ease access to formal credit for hundreds of small business entrepreneurs who need financing for business growth.

 

Mr. Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital said, “We are excited to enter into a partnership with Kinara Capital, towards our vision of solving the unsolved MSME credit gap. It is our belief that co-origination with FinTech  is one of the most effective routes to achieve the financial inclusion of MSMEs, which has prompted us to design our technology platform ‘Gro X-stream’, allowing essential collaborations like this to fructify. We look forward to a long term relationship with Kinara Capital and work towards our common aim to support more MSMEs in their bid to grow.”

 

Hardika Shah, Founder and CEO, Kinara Capital said, “We are delighted to work with U GRO Capital as they resonate our focus on supporting India’s small business entrepreneurs. As a partner, U GRO has demonstrated equal parts commitment with its financing and technology to join us in easing credit flow to the MSME sector. This instantly impacts both local and national economies, and the job creation is essential as businesses continue to rebuild and grow this year.”

 

The co-origination partnership is aimed at keeping the process seamless for the entrepreneurs. MSMEs will need to apply only once directly with Kinara Capital and can start the process online, by phone or in-person with a Kinara representative. Once approved, the loan sanction documents will include the names of both U GRO Capital and Kinara Capital. The customer experience will continue to be managed by Kinara Capital which provides complete support in vernacular and offers additional support such as a free digital workshop series with business tips for growth.

 

Available financing for MSMEs will range from INR 1 lakh to INR 30 lakhs with tenure ranging from 12-60 months. Financing can be availed for Working Capital, Asset Purchase directly from Kinara Capital and women-led businesses receive an automatic, upfront discount with the HerVikas program. 

 

Kinara has 110 branches across 6 states and has provided over 60,000 collateral-free loans to small business entrepreneurs. The social impact of Kinara’s financial inclusion commitment has generated over INR 700 crores in incremental income for the entrepreneurs and supported over 250,000 jobs across local economies in India.

 

U GRO Capital currently has 34 branches across 9 states. It aims to expand the branch network to 100 by FY2022 and intends to reach 250,000 MSMEs in the coming 4 financial years.

Walmart and Flipkart celebrate Vriddhi graduates

Walmart and Flipkart celebrate Vriddhi graduates: 2,500 MSMEs on a path to enhancing their domestic and export capabilities

Trained MSMEs across India awarded certification in the presence of Shri Sidharth Nath Singh, Hon'ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh

 Walmart and Flipkart today hosted a virtual Graduation Day event for the first group of graduating micro, small and medium-sized enterprises (MSMEs) under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi). Over 2,500 MSMEs from across India received certificates in the presence of Shri Sidharth Nath Singh, Hon’ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh, along with Walmart and Flipkart leadership. The occasion recognized MSMEs who have partnered with Walmart and Flipkart to complete the first phase of the Vriddhi program. Through this training, graduating entrepreneurs have been empowered with modern business management frameworks that can help them modernize and meet their growth ambitions by embracing India’s digital retail revolution.

The first phase is part of Walmart Vriddhi, a comprehensive growth and learning platform comprising of training and in-depth expert support.  The different phases in the program give MSMEs access to advanced business tools and strategies, as well as one-on-one expert consultation, to help them unlock their entrepreneurial capacity, modernize their business, and thrive. Graduating entrepreneurs are already experiencing growth, with many expanding their digital capabilities and selling across India through the Flipkart marketplace. The program has also supported MSMEs to grow their peer networks. The Walmart Vriddhi program is delivered by program partner Swasti.

On the occasion, Shri Sidharth Nath Singh, Hon’ble Minister of MSME, Investment and Export, Textile, Khadi & Gram Udyog, Government of Uttar Pradesh, said, “I congratulate all businesses that are augmenting their learning in their quest to embrace new markets and growth despite multiple challenges. I would encourage more MSMEs to take advantage of programs such as Walmart Vriddhi to enhance their business capabilities, become self-reliant and further strengthen India's position as an export hub. Empowering small businesses to stretch their wings is a key priority for the Government. To promote exports further, we are setting up overseas trade promotion and facilitation centers in all 75 districts of the state of Uttar Pradesh."

Leigh Hopkins, Executive Vice President, International Strategy, Development and Asia Region, Walmart International, said, “Walmart is proud to announce the graduation of over 2,500 MSMEs of the Walmart Vriddhi program today. We are delighted to be able to support small business owners’ growth ambitions with this program. Walmart has an ongoing commitment of tripling exports from India by 2027 to $10 billion annually, and we look forward to supporting more small businesses in their efforts by providing potential access to online and offline markets in India and globally.”

Many local home-grown brands have already benefited from training from the Vriddhi program.

• Healthy Fibres has started selling on the Flipkart marketplace to complement its physical channels and reach a national market. It plans to open a network of experience stores pan-India and is ambitious to also reach overseas markets in the future.
• Scraft Products leveraged the skills and contacts it had built through Walmart Vriddhi to create new product lines when the pandemic disrupted its business. It is now working towards achieving at least 25% of its pre-COVID sales from exports.
• Jutex India has joined the Flipkart marketplace and been empowered to better leverage market dynamics and enhance its performance, despite challenging circumstances.
• Plus Creations, which manufactures more sustainable food packing, already sells in India and abroad. It is now using eCommerce to increase its footprint across India, and is exploring new international markets.

Walmart and Flipkart expect many more entrepreneurs to graduate from the Vriddhi program over the next few months. Small businesses are the backbone of India’s economy and Walmart and Flipkart look forward to partnering with them and providing access to online and offline markets in India and around the world.

Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, said, " We are truly excited to see the graduating entrepreneurs who are digital-ready and getting ready to be part of India’s continuing economic growth story. We are proud that there are already around 3.75 lakh Indian sellers on the Flipkart marketplace today, a majority of which are MSMEs. Through additional support such as the Flipkart Samarth program, we are also enhancing access to markets for artisans, weavers, and other small businesses. Digital upskilling helps MSMEs boost their businesses, weather industry challenges and strengthen the e-commerce ecosystem."

As part of continuing efforts to support small businesses, Walmart and Flipkart recently announced a Memorandum of Understanding (MoU) with the Government of Haryana, and the Government of Tamil Nadu respectively through the Walmart Vriddhi program to enhance the growth and development of MSMEs in those states.

Walmart Vriddhi was launched in 2019, to empower 50,000 MSMEs across India, over five years. Vriddhi e-Institutes have since been launched in Panipat, Agra, and are moving to open much more, to provide a digitally enhanced learning experience with personalized feedback and one-on-one advisory sessions. MSMEs enrolled in the program have benefitted from actionable advice through Vriddhi Cares, a tailored program to help them navigate the impact of COVID-19 on their workforce and business.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

About Flipkart Group

Walmart Vriddhi and Government of Haryana launch program to

 Walmart Vriddhi and Government of Haryana launch program to support local MSMEs to grow with Flipkart, Walmart and beyond

 

MOU is signed to enable Haryana MSMEs to join online and offline supply chains and expand their domestic and export capabilities

Walmart and Flipkart have announced a Memorandum of Understanding (MoU) with the Directorate of Micro, Small and Medium Enterprises (MSME), Government of Haryana, to support MSMEs to grow their domestic and global markets through the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi). The program, delivered by knowledge partner Swasti, will provide MSMEs from Haryana training and support free of cost, through a blended learning approach, while also providing opportunities to join online, offline and export channels and reach pan-India and global marketplaces as part of the supply chains of Walmart, Flipkart and other leading companies.   Trainings, seminars, and workshops will also be organized for Haryana MSMEs so that they can access information and enroll in the program.

Walmart Vriddhi has partnered with MSMEs to develop business skills needed to succeed as suppliers to Walmart, Flipkart, and other companies both in India and around the world. The first Walmart Vriddhi e-Institute was launched in Haryana in October 2020, in the presence of the Hon’ble Chief Minister of Haryana Shri Manohar Lal Khattar, serving MSMEs from the Panipat-Sonipat-Kundli region. Thousands of entrepreneurs are now working through the multi-level training program, with some already onboarded to Flipkart to expand their digital capabilities and sell across India via the Flipkart marketplace.

On the signing of the MoU, Shri Dushyant Chautala, Hon'ble Deputy Chief Minister, Government of Haryana, said, “Haryana has a robust micro, small and medium enterprises sector of over 9.7 lakh units that contributes significantly to industrial growth, in addition to providing employment to more than 19 lakh people. The partnership provides an opportunity for local businesses to become self- reliant and will boost their reach into national markets and facilitate their participation in global value chains. It will also promote regional development and promote products by local artisans and craftsmen to further showcase ‘Brand Haryana’ on the global stage.”

Shri Vijayendra Kumar, IAS, Principal Secretary to Government of Haryana, Industries & Commerce Department, stated, “The Government of Haryana is focused on building a vibrant ecosystem for all businesses in the state, promoting inclusive and sustainable growth. Promoting their growth through digitally enhanced training is a key endeavor in making MSMEs self-reliant. The Walmart Vriddhi program will not only provide our MSMEs access to a pan-India market through the Flipkart marketplace but will also further guide and support them through state schemes that provide access to financial assistance and other support to help revive the sector and position it strongly for future growth.”

Commenting on the partnership, Shri Vikas Gupta, IAS, Director General, Directorate of Micro, Small and Medium Enterprises (MSME), Government of Haryana, noted, “It is the Directorate's endeavor to proactively support, advise and facilitate MSMEs on all the entrepreneurial know-how & business intelligence related gaps; address their business challenges, ensure fast-track grievance resolution, & steer rationalized policy formulation to enable them to unlock their true potential. We are happy to collaborate with Walmart and Flipkart on programs like Walmart Vriddhi which will propel MSMEs to greater success in domestic and international markets.”

Nidhi Munjal, Vice President, International Partnership Services, Walmart, said, “Walmart looks forward to expanding the Walmart Vriddhi program in Haryana. The state is home to a vibrant MSME ecosystem, and we are proud to have inaugurated our first ever e-Institute in the city of Panipat in 2020. We are encouraged by the Government of Haryana’s dedication to expanding growth opportunities for MSMEs and look forward to supporting their efforts by providing access to online and offline markets in India and globally as well as imparting local training and support, free of cost. This is a vital part of our commitment towards sourcing $10 billion annually by 2027 from India, so our consumers can access quality goods, no matter where in the world they are buying. India is a key market for us, and we are committed to helping support and grow communities wherever we operate.”

Shama Karkal, CEO (Chief Executive Officers), Swasti said, “The MoU will enhance the growth and development of MSMEs in the state. Through the Walmart Vriddhi program, we are committed to supporting MSMEs in providing critical market access to help them build resilience for the future.”

Jagjeet Harode, Senior Director & Head – Marketplace, Flipkart said, “Flipkart has deep infrastructure and supply chain investments in the state of Haryana that supports a robust ecosystem for local MSMEs to benefit from our e-commerce marketplace operations. Through our efforts, we hope to continue this long-standing relationship and provide local MSMEs wider market access and business growth that can enable them to stay resilient even during challenging times.”

 

With e-Institutes in Panipat and Agra, the free program provides a digitally enhanced learning experience through online modules with personalized feedback and one-on-one advisory sessions. The goal is to empower 50,000 MSMEs by 2025. As Walmart triples its exports from India to $10 billion annually by 2027, businesses with export ambitions can learn how to qualify as a Walmart Global Sourcing supplier, taking “Make in India” products to the world.

MSMEs enrolled in the program have benefitted from actionable advice through Vriddhi Cares, a tailored program to help them navigate the impact of COVID-19 on their workforce and business. From pivoting to immediate needs like masks, gowns, and gloves, to providing free telecare services that offers remote access to doctors, nurses, and other health care workers via phone for MSMEs and their families and employees, Walmart Vriddhi, together with Flipkart, have provided easy-to-implement guidelines to overcome challenges as the COVID-19 pandemic continues.

Walmart and Flipkart will continue their efforts to support the Government of Haryana in empowering MSMEs, through the Flipkart marketplace, Flipkart Wholesale ecosystem and Walmart’s Global Sourcing operations.

IDBI Bank launches its fully digitized automated Loan Processing System for

 IDBI Bank launches its fully digitized automated
Loan Processing System for MSME and Agri lending

IDBI Bank Limited announced the launch of its fully digitized, end-to-end, Loan Processing System (LPS) for its MSME and Agri. products. This new loan processing system seamlessly integrates with data fintechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters. These features of the fully digitized and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank’s MSME & Agri. customers. The platform is designed to incorporate knock-off criteria & credit policy parameters for superior underwriting standards.

Commenting on this, Shri. Suresh Khatanhar, Deputy Managing Director, IDBI Bank, stated that, ‘LPS would carry a total of more than 50 product lines and would offer seamless credit lifecycle with over 35 interface touch points to many satellite systems. The LPS integrates with the existing core database, human resource management system, and various other applications of the Bank. This utility would considerably enhance the customer experience with improved turn-around time’

 

 

With today’s announcement, RBI focused on the revival of

                                Mr. Anshuman Magazine, Chairman & CEO, India,
                South-East Asia, Middle East & Africa, CBRE for your kind consideration

“With today’s announcement, RBI focused on the revival of the Indian economy by adding adequate liquidity that ensures further stability of the overall market in the current scenario. The COVID loan scheme will boost economic activity and aid the growth of the MSME’s sector as well. 

The announcement of restructuring of loans for small borrowers is a proactive move as it will provide some relief against asset downgrade and also provide relief to lenders. Liquidity support to the healthcare sector is also a commendable step. These decisions by the central bank to tackle the current situation are much appreciated and well-timed to ensure stability and economic revival.”

PayPal partners with FlexiLoans.com to offer

 PayPal partners with FlexiLoans.com to offer
MSMEs and freelancers’ collateral-free term loans

Partnership enables cross-border trade to foster growth

• Provides borrowers with access to collateral-free term loans from Rs 50,000 up to Rs 1,00,00,000
• Seamless end-to-end online process with fast approvals

PayPal, a global leader in digital payments, today entered into a partnership with FlexiLoans.com, a leading digital lending platform to provide freelancers, women entrepreneurs, sole proprietors, and MSME’s with collateral-free business loans. Through this partnership, PayPal further reiterates its commitment to democratize access to financial services by bringing its global best practices and credit solution capabilities to Indian merchants who sell cross border using PayPal. PayPal with FlexiLoans.com will aim to offer MSME’s with working capital for business expansion, purchasing stock, inventory, and other business-related expenditures.

The impact of the COVID-19 pandemic has been widespread, bringing economic strain to small businesses, freelancers and entrepreneurs who are facing myriad challenges to recover and sustain their businesses.  The partnership aligns with PayPal’s mission to provide innovative credit solutions and will enable borrowers to access term loans from Rs 50,000 up to Rs 10,000,000 through a fast, hassle-free process that requires minimum documentation to merchants across 1500+ cities and towns in India. The loan tenure will range from 6-36 months.

Commenting on the partnership and launch of the credit solution, Anupam Pahuja, Vice President – India, South East Asia, Middle East & Africa, PayPal said, “Economic activity across India has been deeply affected by the Coronavirus pandemic, and it is now when our MSME’s and freelancer community require solutions to kickstart business activity. Accessing capital through traditional channels has always been a challenge for most small businesses.  Our partnership with FlexiLoans.com and combined expertise will enable us to reduce the existing gap in accessing credit, while accelerating growth for cross border selling and fast tracking the Vocal for Local and Digital India vision.”

“We are committed to offer high quality lending solutions and experiences to Indian SME ecosystems and this partnership is a significant step forward, says, Abhishek Kothari, Co-Founder FlexiLoans.com. “With our advanced Data science models and deep expertise in assessing millions of MSMEs with digital footprints, we are extremely excited to partner with Paypal, the Global Leader in payments and bring the COVID impacted MSMEs back to growth and harness the new opportunities.”

Flipkart enters into Strategic Partnership with Adani Group to

Flipkart enters into Strategic Partnership with Adani Group to Strengthen Logistics and Data Centre Capabilities

 

●       New fulfilment centre spread across 5.34 lakh sq. ft. to be opened in Mumbai

●       Data Centre to be established at AdaniConneX’s Chennai facility

●       Partnership to create ~2,500 direct jobs and thousands of indirect jobs

 

Flipkart, India’s leading homegrown e-commerce marketplace, today announced a strategic and commercial partnership with the Adani Group, India’s largest multinational infrastructure company. In this two-pronged partnership, Flipkart will work with Adani Logistics Limited, the largest diversified end-to-end logistics service provider in the country and a wholly owned subsidiary of Adani Ports & Special Economic Zone Limited, to strengthen Flipkart’s supply chain infrastructure and further enhance its ability to serve its rapidly growing base of customers. In addition, Flipkart will set up its third data centre at Adaniconnex Private Limited Chennai based facility, leveraging AdaniConneX’s world-class expertise and industry-leading data centre technology solutions. Adaniconnex Private Limited is a new Joint Venture formed between EdgeConneX and Adani Enterprises Limited.

 

As part of this partnership, Adani Logistics Limited will construct a massive 534,000 sq. ft. fulfilment centre in its upcoming logistics hub in Mumbai that will be leased to Flipkart to address the growing demand for e-commerce in Western India and support market access of several thousands of sellers and MSMEs in the region. Leveraging state-of-the-art technologies, the centre is expected to be operational in Q3 2022 and will have the capacity to house 10 million units of sellers’ inventory at any point. In addition to strengthening Flipkart’s supply chain infrastructure to support MSMEs and sellers, the facility will enhance local employment and create ~2,500 direct jobs and thousands of indirect jobs.

 

The other prong of the partnership will see Flipkart developing its third data centre at the AdaniConnecX facility as a part of one of the largest private cloud deployments in the country, thereby further strengthening its growing marketplace e-commerce business in India. The data centre has been designed to meet the highest standards in reliability, security, and sustainability, which will capitalise on the Adani Group’s capability as the largest solar player in the country to generate and source green power. The AdaniConneX data centre is a brand-new facility enabling Flipkart to design the data centre to its growing infrastructure needs with a significant focus on security and keeping data locally within India.

 

Speaking on the strategic partnership between the two companies, Karan Adani, Chief Executive Officer of Adani Ports and Special Economic Zone (APSEZ) said, “I am delighted to see two of India’s fastest-growing businesses come together to help build some of the most critical as well as state-of-the-art infrastructure that our nation needs. This is what Atmanirbharta should be all about. This broad-ranging partnership across our logistics and data centre businesses is a unique business model, and we see this as a great opportunity to serve Flipkart’s physical as well as digital infrastructure needs. Flipkart has been instrumental in defining e-commerce adoption in India, both through the value it creates and its constant technological innovation to serve its consumers. We look forward to a long and fruitful partnership as we focus on learning from each other as well as leveraging our mutual strengths to prioritise consumers and development of India’s MSME ecosystem.”

 

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “The Adani Group is unmatched in the way it has gone about building infrastructure across India. What it brought to us was a unique combination of logistics, real estate, green energy, and data centre infrastructure capabilities. We are delighted to initiate our association with the Adani Group to strengthen our supply chain and technology infrastructure. At the Flipkart Group, we are focused on ensuring that our customers get access to a wide range of products made available by sellers across the country as we continuously innovate to drive greater affordability. Our logistics network and technology stack are instrumental in making this a reality. These investments will help us strengthen our presence and capabilities in India to support MSMEs and sellers while also accelerating job creation and growth.”

 

Khatabook acquires Biz Analyst in a strategic move to

          Khatabook acquires Biz Analyst in a strategic move to strengthen tech offerings for MSMEs

 

• ‘Biz Analyst’ to operate as a distinct brand and offer premium value-added services to customers 
• Acquisition is a part of Khatabook’s ongoing efforts on monetization and growth
• The platform will enable Khatabook’s MSME customers to digitize operations for business growth by leveraging business analytics, sales force automation and digital invoicing

 

India's fastest growing fintech start-up, Khatabook, today announced the acquisition of Biz Analyst, a leading SaaS business management application, in a deal worth USD 10 million as a mix of cash and equity. With this acquisition, Khatabook aims to leapfrog into the next phase of growth and offer its customer base of over 10 million monthly active merchants an opportunity to scale up their businesses by utilizing premium value-added services. Creating a closer integration with their upstream supply chains -- distributors, wholesalers, traders, and suppliers -- Khatabook users can now seamlessly avail additional features to improve their efficiency through business analytics, sales force automation and digital invoicing.

 

Launched in late 2016, Biz Analyst is a cash flow positive business providing solutions to SMEs using Tally accounting software to automate daily business operations and make data-driven decisions to manage sales, inventory, outstandings and productivity. The company has achieved consistent growth and currently has over 80,000 paid users. Biz Analyst, now as a part of Khatabook, aims to double the user base in 2021 and create bigger opportunities for the network of its 1000+ channel partners.

 

The Biz Analyst team will continue to run independently, retaining Mumbai operations while maintaining synergies with the Khatabook headquarter in Bangalore. The original co-founding team of Biz Analyst Vaibhav Vasa, Mehul Sutariya, and Nilesh Zaveri will now be a part of Khatabook’s leadership team.

 

The acquisition is in line with Khatabook’s continued efforts to drive meaningful change and solve complex problems in-house through technology and focus on building the right infrastructure to empower MSMEs in the country. Utilizing Khatabook’s core strength, Biz Analyst’s tech solutions will potentially reach a widespread and massive network of MSMEs spanning almost every district in India. The tech and product development efforts will be scaled up while streamlining hiring and talent development under the Khatabook structure.

 

Commenting on this, Ravish Naresh, CEO and Co-founder, Khatabook said, “This deal is our first strategic acquisition as we intensify our network effects up the supply chain and focus on monetization. The features and strengths that Biz Analyst offers are the perfect extension to our present business portfolio. The acquisition is a step forward for Khatabook in its mission to provide business efficiency to India’s MSMEs through value-added services.”

 

The founders of Biz Analyst, Vaibhav Vasa and Mehul Sutariya in a joint statement said, “We are thrilled to join forces with Khatabook, a company whose core values and mission resonate with ours. Together, we look forward to expanding the digital adoption by SMEs through our affordable SAAS solutions and connecting businesses across different verticals onto a single platform. As the new chapter in our growth journey unfolds, we are excited to create bigger and better opportunities for our team, for our partners, and most importantly, for our customers, by bringing in products that cater towards solving day-to-day challenges faced by them.”

 

Over the course of the last year, several MSMEs and kiranas have adopted technology to become more operationally resilient. Powering the digital transformation of the ecosystem, Khatabook platform recorded 1.4 billion+ transactions with a cumulative value of more than $100 billion. 

NeoGrowth aims to double turnover of small business owners in

 NeoGrowth aims to double turnover of small business owners in three years

NeoGrowth Credit Pvt. Ltd., a pioneer in SME lending in India, recently launched diGibizz, an end-to-end platform to help small businesses become digital-ready. The company aims to help over 2 lakh SMEs double their turnover in 3 years by offering access to best-in-class digital solutions through business solution providers.

The platform was conceptualised based on a research done during the pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.

With the diGibizz platform, the company aims to provide consultation and technology solutions that help small businesses scale up and become profitable. After a quick analysis, customised solution will be provided to business owners such as retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs. This could be financial, non-financial, or combination of both depending on the gaps that small business owners have identified through diGibizz Digit-O-Meter smart analysis.

“NeoGrowth has always focused on creating a positive social impact by lending to first-gen entrepreneurs, assisting women entrepreneurs, and supporting our customers to create jobs and improve credit scores through our loans. With the shift to e-commerce, online bill payments & e-groceries since Covid, our diGibizz platform will become more relevant to customers. DiGibizz is our endeavour to digitally enable small businesses to transform themselves and drive business growth in the new normal. With diGibizz and other suite of offerings, we are aiming to reach Rs 2,000 crore of AUM by FY22.” said Mr. Piyush Khaitan, Founder & Managing Director, NeoGrowth Credit Pvt. Ltd.

Ms. Reshma Deokar, owner of Advait Medical & General Store, Mumbai, one of the first customers of the platform, said, “In the fast-evolving pharma sector, diGibizz has supported a woman entrepreneur like me at the right time to upgrade my business. Today, my business has grown to the next level with NeoGrowth’s support.”

The diGiBizz platform is available on http://digibizz.neogrowth.in.

Headquartered in Mumbai, the company serves 70+ industries with a presence across 27 cities in India. NeoGrowth has disbursed over INR 6,000 crores loans to 28,000 customers till date. To create a greater social impact by providing easy finance to under-served markets with advanced tech-solutions, the company disbursed loans to first-generation entrepreneurs, women entrepreneurs, and first-time borrowers. On the technology front, it has heavily invested in analytics, machine learning, digitisation of customer journey and digitally verified alternate sources of data, which has helped it reduce the turnaround time for loan sanctions and underwrite basis various types of alternate data. It provides financing to retailers, restaurants, apparel shops, kirana stores, petrol pumps, groceries, pharmacies and other MSMEs with flexible repayment options and customized products addressing multiple business needs.

Walmart expands Vriddhi program to Uttar Pradesh to

 Walmart expands Vriddhi program to Uttar Pradesh to
help MSMEs access domestic and global customers

Walmart and Flipkart continue to create growth opportunities for small businesses across India

Walmart today launched a new Vriddhi e-Institute in Agra to provide small businesses in Uttar Pradesh access to skills and competencies to grow in a post-pandemic environment through online and offline channels such as Flipkart’s marketplace and Walmart’s international supply chain.

With the new e-Institute, Walmart is expanding its Vriddhi Supplier Development Program towards empowering 50,000 MSMEs across India for growth. The program provides MSMEs with specific training to leverage modern commerce and get ready for opportunities in Flipkart’s eCommerce marketplace, the supply chain of Flipkart Wholesale and Walmart’s global sourcing operations, as well as the open marketplace. 

The Vriddhi e-Institute in Agra will partner with MSMEs from Uttar Pradesh through interactive learning and advanced competency-based training, with personalized feedback and advice. The curriculum is tailored for the unique challenges and opportunities of local businesses and is offered in Hindi and English. In particular, the e-Institute will focus on empowering skilled artisans and entrepreneurs to expand markets for Agra’s prominent footwear manufacturing and stone carving sectors.

Vriddhi works with MSME entrepreneurs wherever they are in their business journey. Uttar Pradesh-based businesses can join the Vriddhi training program to pursue opportunities to sell on Flipkart’s online consumer marketplace and through the nationwide Flipkart Wholesale ecosystem. As Walmart triples its exports from India to $10 billion annually by 2027, businesses with export ambitions can learn how to qualify as a Walmart Global Sourcing supplier, taking “Make in India” products to the world. 

Sidharth Nath Singh, Cabinet Minister for MSME, Investment & Export, Textile, NRI, Khadi and Gram Udyog, Government of Uttar Pradesh, said: “We welcome Walmart’s initiative to expand the Vriddhi program to Agra and Uttar Pradesh. MSMEs from our state are recognized for their skilled craftsmanship, and for the variety of high-quality goods they offer in India and internationally. This program will not only boost the Make-in-India effort, it will also provide further impetus to our ODOP (One District One Product) program and MSMEs in growing their business aspirations and reach, including export-readiness, through digital pathways.”

The first Vriddhi e-Institute, opened in Haryana in October 2020, serves MSMEs from the Panipat-Sonipat-Kundli region. Entrepreneurs there are now working through the multi-level training program, with some already onboarded to Flipkart to expand their digital capabilities and sell across India via Flipkart marketplace.

Leigh Hopkins, Executive Vice President, International Strategy, Development and Asia Region, Walmart International, said: “We’ve had encouraging results from our first e-Institute and strong interest from MSMEs in Uttar Pradesh. Walmart and Flipkart are helping artisans and entrepreneurs augment their Indian ingenuity with merchandising and logistics expertise and access to eCommerce customers across India and abroad. Growing MSME businesses creates employment opportunities in local communities and puts them at the heart of Make in India and Digital India programs.”

Adarsh Menon, Senior Vice President and Head, Flipkart Wholesale, said: “Flipkart is focused on enabling businesses to prosper by helping them sell their products across India. Through Walmart Vriddhi we will now enhance those efforts, as MSMEs and artisans get access to a world-class training that can empower them to meet their aspirations."

Developed by Walmart and Flipkart in partnership with Vriddhi knowledge manager Swasti, the Vriddhi training program is designed for MSMEs operating in a post-pandemic world of mobile-first digital commerce. It includes training and advice on key aspects of business management, commercial growth, customer-centric services, manufacturing best practices, responsible sourcing and more. Interactive virtual training experiences, one-on-one advisory sessions and other resources are accessed through a mobile app available on iOS and Android, in Hindi and English. 

Vriddhi will accelerate the rollout of e-Institutes to other cities in India this year, providing tailored training, mentoring and ecosystem support to help local MSMEs prepare for growth as part of the supply chains of Flipkart and Walmart or other channels.

At the same time, Flipkart and Walmart will continue to partner with Indian MSMEs, both through the Flipkart marketplace and Flipkart Wholesale ecosystem and through Walmart’s global sourcing operations. Flipkart also supports artisans and weavers through its Samarth program, with 750,000 skilled craftspeople now selling authentic arts and crafts online to a customer base of more than 300 million people.

Razorpay and PayPal Partner to Help Indian

 Razorpay and PayPal Partner to Help Indian MSME’s and Freelancers go Global

 The partnership will make international payments seamless and safer

Razorpay is the first payment gateway to offer an integration with PayPal without code

Continuing its efforts to empower businesses with easy access to digital payment technologies, Razorpay, India’s leading full-stack financial solutions company, today announced a partnership with PayPal, a global leader in digital payments to enable seamless international payments for MSMEs and Freelancers. The company’s partner businesses can now integrate with PayPal and accept payments from international customers from across 200 markets in a convenient and secure manner, reducing wait time from days down to minutes.

After having faced stiff challenges due to the ongoing pandemic, Indian SMEs are hoping to bounce back by leveraging digital technologies as they believe it’ll help them increase their revenues. Even the freelancer economy is flourishing, a recent study revealed that India saw a 46% increase in new freelancers. While the potential for MSMEs and freelancers continues to grow, businesses still lose out on prospective global clients due to highly complex payment and banking infrastructure, processes and systems in place that lack seamless integration. Traditionally, micro-entrepreneurs have found it difficult to accept international payments on cards via payment gateways as many of them could not pass the eligibility checks at the banks’ end. By integrating PayPal into Razorpay’s payment platform, freelancers and MSMEs will now be able to accept international payments without having to write a single line of code. Having heavily-reduced wait-times for statutory approvals, this new service will be one of the fastest ways to accept digital payments, a boon for Indian entrepreneurs. 

Commenting on the partnership, Amitabh Tewary, Chief Innovation Officer, Razorpay, said, “MSMEs have been impacted the most by disruptions caused by the ongoing pandemic. While they are making their best efforts to adapt to the changes and embrace a digital way of doing business, we at Razorpay are striving to help them overcome their payment and banking-related challenges to accelerate the pace of adoption of digital. Our association with PayPal is an important step towards realising that goal. Partnering with a globally recognized organization like PayPal with the expertise and experience of enabling digital payments for SMEs and Freelancers will allow us to further empower our businesses and open new growth avenues for them not just within India but internationally. We hope this partnership will help us serve our resilient MSME customers better and enable them to gear up for the new normal.”

Speaking on the partnership, Ashish Tandon, Director, Channel Partners said, “MSME’s form the backbone of the India economy. At PayPal our focus has been to help these businesses leverage the global opportunity and in light of the current pandemic, our cross-border business has become even more relevant. We firmly believe in the power of partnerships to serve our consumers and merchants and our partnership with Razorpay will be instrumental in enabling Indian small businesses and freelancers to go global and tap into our 333 million consumer base across 200 markets.”

Last year, Razorpay launched its support for 100 International currencies via Internationally issued Credit and Debit cards - including all popular currencies such as USD, EUR GBP, CAD and SGD. Razorpay’s International payments are integrated across its product offering including Payment Gateway, Payment Links, Payment Pages, Subscriptions and Invoices. With the PayPal integration, businesses of all sizes can enable over 300mn PayPal users across 200 markets world-wide through the PayPal wallet.

The leading full-stack financial solutions company is witnessing a 40-45% month-on-month growth. This newly crowned FinTech Unicorn currently powers payments for over 8 Million businesses including the likes of Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach 10 Million businesses by the end of this year.