Wydr, a B2B mobile first marketplace in India, recently announced its partnership with Lendingkart Group, to offer collateral free business loans to Buyers and SMEs. Under this partnership, Wydr aims to provide short term credit for inventory purchase to Retailers and Shopkeepers. The initiative is a part of Lendingkart Group’s commitment to provide easy access to capital to merchants and SMEs.
Wydr from its part shall provide the technology interface to its Buyers to seamlessly apply for Credit from within its App. Their innovative use of technology further streamlines the lending process, augments speed, provides price transparency, improves customer experience and reduces borrowing cost for businesses of all sizes. The maximum amount of loan that an SME can apply for is Rs 10 Lakhs. This facility shall be available to all registered Business Users of Wydr for transactions through its platform with immediate effect.
Wydr is looking at expanding its seller base, with a concentrated focus on SME development. Rishabh Dhyani, VP – Business Development, Wydr said, “Wydr helps manufacturers, brand owners, importers or wholesale distributors in reaching out to a large audience across the country and we are committed to provide our buyers and sellers with simple, seamless buying and selling experience. The SMEs in the business would no longer have to worry about issues like arranging funds for operational purposes. The partnership with Lendingkart Group is an effort in that direction.”
Lendingkart Group NBFC utilizes Big Data analytics and other proxies to derive credit comfort and assess the creditworthiness of small business owners. The entire process of credit risk analysis is done digitally by the Group NBFC so that loans can be disbursed within 72 hours even in the semi-urban and tier-2 cities.
Speaking on the alliance, Harshvardhan Lunia, Co-Founder & CEO, Lendingkart Technologies said, “The benefits we provide at Lendingkart Group allow the entrepreneurs to leverage their core strengths and business goals as against the cash-flow requirements. The partnership with Wydr is an effort to simplify the process of loans disbursement and make capital accessible via our completely online application process”.
Finance accessibility is perhaps one of the biggest issues for small businesses in India. With inadequate funds, they cannot secure new technologies nor reach new geographies. Further, with quality constraints they cannot compete in global markets or even strike business linkages with larger organizations. The partnership aims to achieve the same.