Zomato recently entered into a strategic alliance with InCred, one of India’s leading fintech lenders, adding a fillip to India’s burgeoning food tech industry. InCred will extend hassle-free credit facilities to Zomato’s restaurant partners as part of the agreement.
With its Gross Merchandise Value (GMV) falling below pre-covid levels, the food distribution industry was one of the worst-affected segments during the pandemic. We can now, however, see a pattern of recovery in the market. The food distribution company has passed the pre-covid run rate and is expected to continue to expand in the coming months. To satisfy their company development and working capital needs, the InCred-zomato tie-up would extend financial assistance to cash-strapped firms. It is a great move by zomato
Even at the height of the lockdown, InCred empowered Indian companies with unsecured business loans. The tech-driven lender provides minimum recorded loans and provides loan approval with zero physical encounters within 48 hours.
Speaking about the partnership, InCred, CEO of SME Company, Saurabh Jhalaria, said, InCred understands the value of financial assistance to businesses, particularly SMEs. Within the food services market, the covid-19 outbreak has led to a rapid decline in footfall, order volume, and bucket size. Platforms such as zomato have emerged as a major game-changer in this context by allowing physical companies to recover seamlessly. We are delighted to join hands with zomato and are optimistic it will further assist the vertical economic recovery.
Although the food delivery sector has made a strong comeback, it is still far from hitting pre-covid levels in the general food service industry. To support its recovery, we have been working on several initiatives and one such is our collaboration with InCred. Chief Sales Officer, Zomato, Rakesh Ranjan, added that with easy, risk-free credit solutions designed to achieve their operational and bottom-line goals, it will benefit our restaurant partners.
InCred provides its clients with tech-driven credit services that are time-efficient and cost-effective. In addition to its SME loans. which include working capital loans, term loans, and channel financing, the company’s product line also includes personal loans and education loans (wedding loans, medical loans, and travel loans).