Indian online marketplace, Snapdeal, has announced that it has enabled 150+ of its sellers to raise over Rs 50 crores through its flagship initiative – ‘Capital Assist’, to accelerate and thereby, expand their business on the marketplace.
Capital Assist – a platform to enable availability of capital for Snapdeal sellers, was launched in August 2014 to enable 1 million small businesses to do business online within the next three years.
Over a dozen banks and NBFCs have partnered in this initiative to provide seamless and low-cost financing to sellers on Snapdeal depending on their current and future business requirements. Some of the partner banks and NBFCs are Axis Bank, ICICI Bank, HDFC Bank, RBL, Religare and L&T Finance.
The platform claims to have benefited the small and medium sized sellers on Snapdeal by enhancing their financial liquidity and, the benefitting sellers have doubled their turnover within 2 months of availing the assistance through this platform.
In January this year, Flipkart had also announced that it aims to help over 10,000 sellers generate business worth INR 10 lakh via its platform in 2015.