Tata Capital has entered into a tie-up with Snapdeal under its Capital Assist program for financing Snapdeal’s sellers and online merchants. Under the arrangement, Tata Capital will provide unsecured loans in the range of Rs.5 lakhs to Rs.2 crore to meet the working capital needs of Snapdeal’s sellers at competitive rates and with flexible tenures.
Snapdeal, India’s largest online marketplace, caters to a wide array of categories and products through over 150,000 connected sellers from over 5000 locations across the country. Tata Capital, the financial services arm of the Tata Group, caters to the diverse financial needs of retail and corporate consumers. Tata Capital’s Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore.
Commenting on the partnership with Snapdeal, Mr. Pradeep Bandivadekar, COO – Corporate Finance Division, Tata Capital, states “Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space”.
Mr. Vijay Ajmera, Senior Vice President, Snapdeal added “Snapdeal’s millions of customers are served by over 150,000online merchants, big and small alike. The partnership with Tata Capital for Capital Assist, Snapdeal’s Seller financing program provides them easy access to capital and helps them scale their business on our platform. Partnerships like this will help us achieve our goal of creating 1 million successful online entrepreneurs within the next three years.”
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