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Shopclues to extend loans of Rs 5,000 crore to merchants
26
Aug '16
Courtesy: Shopclues
Courtesy: Shopclues
Indian online retailer ShopClues?will be extending soft loans through its financing initiative Capital Wings worth Rs 5,000 crore to merchants selling on its platform. For this initiative, the retailer has partnered several nationalised, private sector banks and also financial institutions. Of this, Rs 200 crore will be disbursed ahead of the Diwali festival.

For this initiative, Capital Wings has partnered with several banks and financial institutions including ICICI Bank Ltd, State Bank of India, FlexiLoans, Capital Float and Indifi Technologies.

Capital Wings offers working capital loans at low interest rates and customised solutions for prepayment of loans to sellers on the ShopClues platform.

“Through our easy financing solutions, merchants do not need to worry about their cash flows. This initiative has already boosted business of 1,200 merchants till date through disbursing around Rs 100 crore,” Ganesh Balakrishnan, assistant vice-president, merchant services at Shop Clues said. (AR)

Fibre2Fashion News Desk – India

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