Snapdeal’s merchants and online merchants can receive loans between Rs 5 lakh and Rs 2 crore from Tata Capital. The e-commerce portal Snapdeal entered into a partnership with Tata Capital that will let the sellers and online merchants to acquire a loan, stated the company officially.
Regarding this, Pradeep Bandivadekar, the COO of Corporate Finance Division, Tata Capital stated that Tata Capital has entered into a partnership with Snapdeal under the Capital Assist program. This way, the company aims to be a customer centric firm by customizing the products it provides using superior digital services. They aim to serve their customer base with these advancements. The partnership with Snapdeal is a step that has been taken with this objective in mind. This partnership has been made as Tata Capital recognized Snapdeal to have enough potential. He further stated that they are highly pleased to team up with a leading name in the e-commerce space.
Snapdeal has over 1,50,000 connected sellers from around 5,000 locations across the country. Tata Capital, the financial services arm of Tata Group provides diverse financial services to cater the requirements of the corporate as well as retail customers. The Supply Chain Finance of Tata Capital is a key product offering that has a book size of over Rs 5,000 crore.
As per Vijay Ajmera, the Senior Vice President at Snapdeal, the customers of the e-commerce portal are served by over 150,000 online merchants. The partnership with Tata Group’s Tata Capital for the Capital Assist program and the Seller financing program of Snapdeal have provided them quite an easy access to capital and it helps them scale their business on the platform.