Online marketplace Snapdeal has helped over 150 sellers on its platform raise a total of over Rs 50 crore through its Capital Assist Initiative. According to Snapdeal, small and medium sellers on its platform have been able to double their turnover within 2 months of availing assistance through this initiative. For now, Snapdeal claims to have partnered with over 12 banks and NBFCs including Axis Bank, ICICI Bank, HDFC Bank, RBL, Religare and L&T Finance for funding this initiative. These finance institutions provide financing to sellers depending on their current and future business requirements. Snapdeal mentions that it has clearly defined eligibility criteria for sellers to avail this service, however it seems like this document is available only to sellers. Current schemes introduced on Capital Assist include a dedicated program for the ecommerce industry, specific programs for sellers with limited years of experience, pre-approved loans for small sellers with limited documentation and unsecured funding up to Rs 100 lakh and various financing products based on repayment capacity. Snapdeal mentions that it aims to provide loans to over 1,000 sellers over the next year while extending its network to 25 banks and NBFCs in the same time frame. The company currently claims to have over 100,000 sellers on its platform, which it is looking to scale to 250,000 by the end of the year and a million within the next three. It’s worth noting that Snapdeal had tied-up with Capital Float to launch Capital Assist back in August last year, with…
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