|Paytm, India’s largest mobile commerce platform has entered into a partnership to assist small merchants on its platform. It has tied up with Aditya Birla Finance Limited, a part of Aditya Birla Financial Services Group, to assist 50,000+ sellers with easily accessible and hassle-free finance options. The move is expected to greatly benefit small and medium sellers while scaling their business.Commenting on the association Renu Satti, VP – SME Business said, “We are creating an ecosystem which helps our merchants to grow their business faster. Accessibility to short-term loans and working capital loans is often a major roadblock for smaller sellers which we are working towards removing. Aditya Birla Finance is a trusted player in the field and is setting up a dedicated system and infrastructure to cater to the financing requirements of smaller sellers.”
Rakesh Singh, CEO – Aditya Birla Finance Limited said, “Majority of the MSMEs in India do not have access to formal financing channels. ABFL is looking for such mutually benefitting partnerships which will help these SMEs get access to formal channels of financing. The partnership with Paytm also creates the opportunity for ABFL to penetrate the unbanked MSME space faster.”
Paytm has partnered with other NBFCs and is in talks with several banks with the aim of offering a wide choice of financing options to its registered merchants. Through such associations, Paytm envisions boosting the business of the 50,000 merchants on board its platform and taking this figure to a total of one lakh by the end of 2015.