Tolexo, an online B2B marketplace for business goods, has tied up with credit facilitator Arthashastra FinTech to provide credit buying features. This will enable merchants to buy inventory and get interest free credit for a period of 7-23 days.
The payment solutions will also provide buyers with a one-click checkout and offer aggregated payment options to club multiple purchases and make a single payment. Arthashastra will enable assessment of the creditworthiness of businesses for the sanctioning and disbursal of credit.
MoU with MPLUN: In July this year, Tolexo signed a memorandum of understanding with Madhya Pradesh Laghu Udyog Nigam (MPLUN) to let 580 micro small and medium enterprises (MSMEs) list their goods on the Tolexo site. Tolexo will also provide promotion, marketing and distribution to these manufactured goods by the MSMEs.
Tolexo currently claims to have over 7,000 sellers in India, and lists over a million products under 800 brands. It claims to have a buyer base of 200,000. In January this year, the company had appointed Mayank Kamal as its head of supply chains and in 2015, had hired Harsh Kundra as its head of product and technology and a co-founder.
Loans and credit for SMEs:
– In March this year, CCAvenue partnered with online lending platform LendingKart to launch ‘CCAvenue Finance’, that would let merchants and consumers seek financial assistance. Other ecommerce companies like Paytm and Craftsvilla also offer loans to sellers through LendingKart.
– In June 2015, Amazon said it would extend its business loan programme to small sellers in India and seven other countries by the end of this year.
-In the same month, as part of its trade facilitation centre (TFC), Chinese ecommerce player Alibaba tied-up with ICICI Bank to provide trade finance and with certification company SGS to provide credit checks and inspections for the TFC.
– Snapdeal tied up with Capital Float to launch Capital Assist, which essentially serves the same purpose of providing sellers with easy access to working capital loans.